IPO News

Indian Fintech Firm MobiKwik hires investment banks to jump start IPO process

In an attempt to go public in 2022, fintech firm MobiKwik has appointed investment banks ICICI Securities and IIFL.

It has also hired a few law firms to kick-start the work on the draft red herring prospectus.

The company is further planning to bring a few investment banks on board to manage the initial public offering.

Moreover, PolicyBazaar is set to hire investment banks for managing its proposed Rs 4,000-crore IPO.

The aim of the IPO is to enable company to raise fresh funds to augment it’s growth trajectory.

Besides this, it will also provide an exit option for the previous investors of the company.

Further, several other fintech companies such as Paytm, PhonePe are soon planning to go public as per reports.

MobiKwik is re-arranging and actively making changes to it’s top management for the purpose of it’s IPO preparation.

However, the company named Senior Vice President Chandan Joshi as the Co-Founder who wasn’t part of the Founding team.

Accordingly, he will take over the role of Chief Executive of the payments business representing 75% of the company’s revenue.

Currently, the company has an investment exceeding $100 million from investors like Sequoia Capital, Bajaj Finance, American Express and Net1.

Moving forward, the Gurugram based company is eyeing profitability in FY22 with a revenue target of more than Rs.750 crore.

MobiKwik started in 2009 as a consumer payments platform and has evolved into a fintech company offering financial products.

This comprises of loans, gold investment and mutual funds.

It reported strong financial results in FY20 with net revenue growing at 133% year on year Rs.379 crores.

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