Fintech Firm MobiKwik Prepares To Go For IPO in 2022
The organization promoted Chandan Joshi as company's co-founder and chief executive officer of payments business, as a preparation to go public
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Gurugram-based fintech firm MobiKwik on Tuesday announced that it has started preparing for an initial public offering (IPO) in 2022. The organization promoted Chandan Joshi as company's co-founder and chief executive officer of payments business, as a preparation to go public.
In its financial year 2020 annual report, the company reported a net revenue growth of 133 per cent year on year to INR 379 crore. It also reported cash EBITDA loss reduction of 91 per cent year over year to INR 8.5 crore. The company has witnessed more than 100 per cent revenue growth in three years, thus claiming to exhibit strong execution and financial discipline.
"As a first step to preparing the company for IPO, the company has started organizing its top deck with this appointment," a company statement read.
Speaking on the announcement, Joshi, co-founder MobiKwik, said, "My journey with MobiKwik so far has been very fulfilling. I joined in the aftermath of demonetization and my first assignment was organizing the retail payments business, then to run e-commerce payments and finally to grow all of the payments business. The team and culture at MobiKwik have been a good fit for me. I share a good rapport with Upasana and Bipin and share their vision of delivering on the digital credit card opportunity. I am confident that together we will be able to profitably grow MobiKwik and take the company public."
From now, Joshi will take on complete ownership of the company's flagship payments business which drives 75 per cent of the revenue. As co-founder, Joshi will join Bipin Preet Singh and Upasana Taku in setting the internal work ethos and momentum, organizing teams better for faster delivery, improving fiscal performance and getting the company in shape for IPO in 2022.
Founded in 2009 by Singh and Taku, the company has till date raised over $100 million from marquee investors. The company currently has 120 million users, 3 million merchants, and more than 300 billers. The company since 2018 has disbursed 19 lakh loans through its digital credit line.