MobiKwik Statistics By Subscription, Lot Size, IPO, Growth, Revenue, Strengths And Weaknesses

Introduction

MobiKwik Statistics: MobiKwik, founded in April 2009, is a payment service company in India that provides a mobile-based payment method and a digital wallet. Users can add money to their MobiKwik wallet, which they can then use for online payments. The Reserve Bank of India approved the use of the MobiKwik wallet in 2013.

In May 2016, the company started offering small loans to its customers. MobiKwik has more than 325 employees. The company primarily operates in three areas: fintech, consumer payments, and payment gateways. Now, let’s take a closer look at some important MobiKwik Statistics and trends that can help us understand its growth and how popular it has become in India.

Editor’s Choice

• MobiKwik Statistics stated that ₹1,350 million will help grow the payment services business.
• ₹1,070 million will be spent on hiring skilled staff and improving data, machine learning (ML), artificial intelligence (AI), and product development.
• ₹702.85 million will be used to fund POS machines and soundboxes, which will strengthen merchant networks and allow the company to offer financial products like merchant loans.
• The remaining funds will be used for general company needs.
• MobiKwik was first launched as a website with a secure wallet feature in April 2009.
• In 2012, the company introduced a digital wallet that allowed customers to pay bills like utilities and phone bills. The Reserve Bank of India approved the MobiKwik wallet for use in 2013.
• Currently, MobiKwik has more than 100 million verified users. By 2021, around 3.45 million merchants across India were using MobiKwik ‘s services.
• In FY2023, the company grew significantly and surpassed ₹5.25 billion in revenue.
• MobiKwik also generates income from interest on non-current investments, which increased by 22% to ₹16.6 crore in 2022.
• The largest expense for MobiKwik in FY2022 was the payment gateway, which accounted for 34% of its total spending.
• Customers can also easily access instant loans and buy products like gold, mutual funds, and insurance through MobiKwik.

History of MobiKwik

MobiKwik is an Indian fintech company founded in 2009 that offers a mobile-based payment system and a digital wallet. Customers can add money to their digital wallet, which can then be used to make payments. In 2013, the Reserve Bank of India approved the use of the MobiKwik wallet. In May 2016, the company started offering small loans to its customers as part of its services.

(Source: pitchbook.com)

By November 2016, MobiKwik had 1.5 million merchants and 55 million customers using its platform. The company has more than 325 employees and works in three main areas: consumer payments, fintech, and payment gateways.

In September 2024, MobiKwik reinvested about ₹7,000 crore (roughly $850 million) of its investors’ money without their explicit permission.

MobiKwik IPO Subscription Details (times)

MobiKwik IPO Lot Size

MobiKwik IPO Anchor Investor Details

• MobiKwik has secured ₹257.40 crore from anchor investors before its IPO. The anchor bidding for the IPO took place on December 10, 2024.

MobiKwik Growth and Revenue Statistics

• MobiKwik ‘s operating revenue increased by 62%, growing from ₹539 crore in FY23 to ₹875 crore in FY24.
• Even though the company’s total expenses went up by 36.4%, from ₹642 crore to ₹876 crore, it managed to improve its financial performance.
• MobiKwik Statistics stated that the company shifted from a loss of ₹84 crore in FY23 to a profit of ₹14 crore in FY24.
• MobiKwik had planned to launch its Initial Public Offering (IPO) by September 2021, as co-founder Upasana Taku mentioned in June 2021.
• However, after the disappointing IPO of Paytm, MobiKwik decided to delay its IPO, which is now expected to happen in the first half of 2022.

(Reference: inc42.com)

• In FY23, MobiKwik reported total revenues of ₹302 crore. However, its EBITDA losses grew from ₹57.9 crore to ₹78.54 crore.
• MobiKwik Statistics stated that the company’s operational revenue dropped from ₹355.6 crore to ₹288.5 crore, causing its total losses to rise from ₹99.1 crore to ₹110.9 crore.
• In FY23, MobiKwik ‘s total revenue jumped by 134%, reaching ₹369 crore.
• During this period, consumer payments made up 63% of its total revenue, fintech contributed 25%, and payment gateway services accounted for 12%.
• In FY22, MobiKwik ‘s revenue stood at ₹184.6 crore, more than double the ₹69.6 crore it earned in FY18.
• The company’s payment gateway business (via its subsidiary Zaakpay) earned ₹190 crore in FY23, compared to ₹101 crore in FY19. MobiKwik is expected to double its revenue in FY23.
• On June 10, 2023, MobiKwik reported five times the year-on-year growth in its IMPS (Immediate Payment Service) fund transfer business, reaching ₹362 crore in gross transaction value.

(Source: inc42.com)

• With 670,000 transactions in May 2023, MobiKwik set a target of transferring ₹10,000 crore by the end of FY23.
• According to the latest reports, MobiKwik succeeded in transferring ₹362 crore worth of funds from its wallet to banks.
• According to the National Payments Corporation of India, MobiKwik holds 26% of the IMPS transfer market in India.
• MobiKwik had been reducing its losses in previous years, with Upasana Taku noting that the company had been cutting losses each year while doubling its revenue. However, FY23 was an exception.
• On July 13, 2023, MobiKwik filed its Draft Red Herring Prospectus for its IPO, changing its status from a private limited company to a public one.
• MobiKwik Statistics stated that the company also rebranded as One MobiKwik Systems Limited.
• For the IPO, MobiKwik planned to raise ₹1,900 crore by issuing equity shares.
• ₹1,500 crore would come from new shares, while ₹400 crore would come from shares held by seven existing shareholders.
• MobiKwik also announced plans to issue 15,617,940 equity shares to 67 shareholders.

MobiKwik Financial Statistics

• MobiKwik ‘s revenue for FY24 increased by 62% compared to the previous year, totaling ₹875 crores (about $105 million).
• The company’s net profit grew to ₹14 crore (around $1.7 million), and its EBITDA margin improved to 4.16% during FY24.

(Reference: startuptalky.com)

• MobiKwik ‘s operating revenue increased by 62%, from ₹539 crore (about $65 million) in FY23 to ₹875 crore (around $106 million) in FY24.
• Although its total expenses also went up, rising from ₹642 crore to ₹876 crore, the company managed to turn things around.
• It went from a loss of ₹84 crore (around $10 million) in FY23 to a profit of ₹14 crore (about $1.7 million) in FY24.
• MobiKwik has recently reported its second consecutive profitable quarter.

(Reference: inc42.com)

• In the first quarter of FY24, the company posted an adjusted EBITDA of ₹13.6 crore, showing an impressive 181% increase compared to the same period last year.
• In Q1 FY24, MobiKwik earned ₹177 crore in revenue, which is a 68% growth compared to Q1 FY23.
• Every quarter, the revenue grew by over 10% from ₹160 crore in Q4 FY23.
• The contribution margin also saw a significant year-on-year increase of 108%, reaching ₹73.9 crore from Q1 FY23 to Q1 FY24.
• MobiKwik Statistics stated that the company’s performance over the past few years has been mixed. In FY21, its revenue dropped by 18% compared to FY20 due to the pandemic, which affected many fintech companies.
• In FY22, the company saw a big increase in revenue as it focused more on its lending business. It reduced costs by leveraging the growing demand for credit services, which helped improve profitability.
• However, in FY23, the growth was more modest. Still, MobiKwik managed to lower its expenses compared to FY22, leading to better profitability.
• For FY24, MobiKwik expects its revenue to reach ₹1,100 crore and its net profit to be around ₹40 crore to ₹50 crore.
• This would represent almost double the growth for the year, but much of this depends on the performance of its lending business.

MobiKwik -IPO

• The Securities and Exchange Board of India (SEBI) has approved MobiKwik ’s plan to raise ₹700 crore (around $84 million) through an initial public offering (IPO) on September 24, 2024.
• This IPO will only involve new equity shares with a face value of ₹ 2 each, and existing shareholders will sell no shares.
• MobiKwik plans to use ₹250 crore to grow its financial services, ₹135 crore to expand its payment services, and another ₹135 crore for investments in data, machine learning, and artificial intelligence.
• Earlier, MobiKwik aimed to launch its IPO by September 2021 and raise between $200 million and $250 million at a valuation of $1 billion.
• MobiKwik Statistics stated that the company had already gotten SEBI’s approval for the IPO, but it was delayed after Paytm’s IPO did not perform well.
• Even though MobiKwik has yet to be considered a major player like Zomato or Paytm, its growth in digital payments, online shopping, and internet usage makes it a strong candidate for the IPO.

(Source: inc42.com)

• MobiKwik filed its draft documents for the IPO on July 12, 2021, and planned to raise ₹1,900 crore.
• The IPO was to include ₹1,500 crore from new shares and ₹400 crore from an offer for sale (OFS) by some existing investors.
• The OFS would include shares worth ₹9.9 crores from American Express, ₹68.9 crores from Bajaj Finance, ₹11 crores from Cisco Systems, ₹94 crores from Sequoia, ₹24 crores from Treeline Asia, ₹111 crores from co-founder Bipin Preet Singh, and ₹78 crores from co-founder Upasana Taku.
• However, the IPO was delayed after Paytm’s IPO could have done better, and the price of MobiKwik ’s unlisted shares fell by December 2023.
• The company expected to double its revenue by the end of the fiscal year, aiming for 100% growth.
• MobiKwik Statistics stated that the Co-founder and COO, Upasana Taku, said in January 2022 that MobiKwik would wait for the market to stabilise before moving forward with the IPO.
• In November 2023, the IPO process was paused. MobiKwik was still allowed to raise ₹1,900 crore, with ₹1,500 crore from new shares and ₹400 crore from the offer for sale.
• For the upcoming IPO, MobiKwik is working with SBI Capital Markets Ltd. and DAM Capital Advisors Ltd.
• The company aims to raise ₹700 crore (around $84 million) and plans to list in 2024 as per MobiKwik Statistics.

Strengths and Weaknesses of the MobiKwik Application

#1. MobiKwik Strengths

•  As of March 2023, MobiKwik has over 107 million registered users.
• This large user base, along with a variety of products like insurance, personal loans, and Buy Now, Pay Later (BNPL) services, allows MobiKwik to serve many different financial needs.
• The company’s early move into the e-wallet market and its strong branding have made it a trusted name in India’s digital finance space.
• Partnerships with more than 3,500 merchants and banks also help MobiKwik expand its services and reach more customers.
• MobiKwik ’s smart marketing efforts have led to a big increase in transaction volumes, showing that the company can successfully attract and keep customers, especially during busy periods.

#2. MobiKwik Weaknesses

• MobiKwik operates in a heavily regulated market, mainly controlled by the Reserve Bank of India (RBI).
• Any unfavorable changes in rules or actions by the RBI could greatly impact its business.
• As a digital payment platform, MobiKwik is at risk of data breaches and cyberattacks. Such incidents could harm its reputation, lower customer trust, and hurt its business performance.
• The Indian fintech market is very competitive, with many companies offering similar services.
• This high level of competition can affect profit margins and market share.
• While new technology helps MobiKwik grow, it also comes with risks.
• Any issues with its technology systems or major disruptions could hurt the quality of its services.

Conclusion

Online payments and digital wallets are becoming very popular. Digital wallets offer many benefits, such as easy and quick money transfers. While many global companies provide digital wallet services in India, MobiKwik is one of the first Indian mobile wallet companies to make a name for itself, even with strong competition in the market. MobiKwik also planned to launch its Initial Public Offering (IPO) in 2021.

However, due to market instability caused by global tensions and economic issues, the company decided to delay the IPO. These MobiKwik Statistics figures suggest that the company may have a successful future in the digital payments industry.