Business

Looking for a list ASAP in 2022: Mobikwik co-founder


Digital payment startup MobiKwik could go public in early 2022, according to its co-founder and COO Upasana Taku. The MobiKwik boss also denied reports that investors were feeling sick, saying all of the startup’s investors were on board and the company was looking to properly plan its listing.

Speaking exclusively to CNBC-TV18, Upasana said the company would review a listing “as soon as possible, in the New Year, adding that it was important not to display” bravado “when listing on scholarships.

“We’re going to hit the market at the start of the year, as soon as possible. We are waiting for our numbers to be audited and then to the market, ”said Upasana.

“Before going to the market, you have to be smart; you’ve built a business for 12 years and you’ve built it the right way, ”she said, adding,“ MobiKwik was capital efficient, we spent $ 100 million to build a platform. -form with 100 million users. We have achieved 100% revenue growth over the past few years and are approaching breakeven point. So showing bravado to know when to come to the market doesn’t make sense. “

Another reason for the delay in registration, Upasana said, was that MobiKwik was looking to strengthen its finances and make the most of its “show performance” before taking the plunge.

“Wanting the best of tax performance before the IPO”

“We were entering the market with our performance numbers for June 2021. But last year there was COVID. So the figures from the previous year did not demonstrate the full performance of the company, “Upasana said,” Again, in April, May and June, India experienced a second wave of COVID. So it makes sense for us to show a clear path to financial performance using our numbers from April to December 2021. ”

Confirming that MobiKwik’s existing investors will remain on board the company throughout its listing process, Upasana referred to the company’s revenue-driven approach as one of the main reasons their backers remain interested.

“We have always been very revenue driven and have always played close to breaking even, while maintaining a profitable contribution margin,” she said. “With all of these markers in place, we have created a strong investor interest within the community of public investors who are interested in our history in the Indian market.

“The postponement of the IPO is not linked to the performance of the Paytm market”

Famous digital payment company Paytm went public last month, but saw its stock price drop 25% from its IPO on its first day on the market. The stock company’s bearish run had fueled reports that other digital payment companies like MobiKwik were delaying plans to go public. However, Upasana ruled out the possibility of her company’s apparent reluctance due to the Paytm debacle.

“They (Paytm) are a different business than us. Although we both started out as payment and wallet companies, our strategies are very different, ”she said. being capital efficient. So you can’t compare apples and oranges.

(Edited by : Vijay Anand)

First publication: STI


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