One Mobikwik Systems Limited IPO

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The company, founded by Bipin Preet Singh and Upasana Taku, is focused on using technology to promote financial inclusion for underserved populations in India. Leveraging their expertise in building scalable technology and financial products, the company has developed a platform business model centered on a two-sided payments network of consumers and merchants.

i. User Base and Merchant Network:
a. 161.03 million registered users and 4.26 million merchants as of June 30, 2024.
b. Facilitates online and offline payments, bridging accessibility gaps.

ii. Diversified Product Portfolio:
a. Expanding into digital credit, investments, and insurance verticals, increasing the platform’s attractiveness to consumers and enhancing profitability.
b. Significant growth in Payment GMV (45.88% CAGR) and MobiKwik ZIP GMV (Disbursements) (112.16% CAGR) between Fiscal 2022 and Fiscal 2024.

iii. Innovative Approach:
a. Commitment to growth through frugal and digital-first innovations.
b. Continually enhancing the product suite to create a compelling value proposition for both new and existing users.

Vision:

Their aim is to transform the platform into a comprehensive financial ecosystem that not only drives financial inclusion but also scales profitably, creating long-term value for all stakeholders.

Objects of the One Mobikwik Systems Limited IPO:

The Company proposes to utilise the Net Proceeds towards the following objects: i. Funding growth in the financial services business ii. Funding growth in the payment services business iii. Investment in data, ML, AI, product and technology iv. Capital expenditure for the payment devices business v. General corporate purposes.
DRHP of One Mobikwik Systems Limited IPO
RHP of One Mobikwik Systems Limited IPO

One Mobikwik Systems Limited IPO Details:

Open Date: Dec 11 2024
Close Date: Dec 13 2024
Total Shares: 20,501,792
Face Value: ₹ 2 Per Equity Share
Issue Size: 572.00 Cr.
Lot Size: 53 Shares
Issue Price: ₹ 265 - 279 Per Equity Share
Listing At: NSE,BSE
Listing Date: Dec 18 2024

Promoters And Management:

Bipin Preet Singh, Managing Director, CEO, and Co-Founder of the Company, holds a Bachelor’s degree in Electrical Engineering from IIT Delhi. Since founding the company in 2008, he has gained extensive experience in the semiconductor and fintech industries. Previously, he worked as a Design Engineer at Freescale Semiconductors (now NXP India), Systems Architect at NVIDIA Graphics, and Component Design Engineer at Intel Technology India. Upasana Rupkrishan Taku, Executive Director, Chairperson, CFO, and Co-Founder of the Company, holds a Bachelor's degree in Industrial Engineering from Punjab Technical University and a Master's degree in Management Science and Engineering from Stanford University. She has been with the Company since 2010, bringing extensive global experience in fintech and payments. Previously, she worked as a Product Manager at PayPal Inc. and a Business Analyst at HSBC Auto Finance. Dr. Punita Kumar Sinha, an Independent Director of the Company since July 2021, holds a Bachelor’s degree in Chemical Engineering from IIT Delhi (with distinction), a Ph.D. and Master’s in Finance from the Wharton School, and an MBA from Drexel University. A CFA charter holder and recipient of the Distinguished Alumni Award from IIT Delhi, she has extensive experience in investment management and governance. She has served as Senior Managing Director at Blackstone’s Asia Advisory Group, chaired the CFA Institute Investment Committee, and holds Independent Director roles at companies like Infosys Limited and JSW Steel Limited, bringing robust board and committee leadership expertise.

Financials of One Mobikwik Systems Limited IPO:

Particulars (in cr) FY24 FY23 FY22
Revenue from Operations 875 539 527
Other Income 15 22 17
Total Income 890 561 543
Payment Gateway Cost 202 157 228
Lending Operational Expenses 270 69 18
Financial Guarantee Expenses 33 110 91
Employee Benefits Expense 116 98 107
Other Expenses 232 184 215
Total Expenses 853 617 659
Profit/(Loss) Before Tax 14 -81 -128
Tax Expense 0 3 0
Profit/(Loss) After Tax 14 -84 -128
 

Recommendation on One Mobikwik Systems Limited IPO:

Review and Recommendation of Mobikwik IPO by IZ team is 3/10

Lead Manager of One Mobikwik Systems Limited IPO:

  1. DAM Capital Advisors Ltd (Formerly IDFC Securities Ltd)
  2. SBI Capital Markets Limited

Registrar of One Mobikwik Systems Limited IPO:

  1. Link Intime India Private Limited

Company Address:

One Mobikwik Systems Limited Unit 102, 1st Floor, Block-B, Pegasus One, Golf Course Road, Sector-53, Gurugram, 122 003 Phone: +91 1244903344 Email: ipo@mobikwik.com Website: https://www.mobikwik.com/ir

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