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Monday, October 18, 2021

Mobikwik’s founder Upasana once started the company from his home, now going to bring 1,900 crore IPO

Digital payments and Buy Now Pay Later (BNPL) company Mobikwik got approval from market regulator SEBI on October 8 for its Rs 1,900 crore IPO. With this, it has become one of the first fintech companies in the country, which has been approved for IPO.

The company was started by husband-wife duo Upasana Taku and Bipin Preet Singh in 2009. At that time, digital payments in India were at a very early stage. Taku told that he then had to fight a lot with his parents to leave his comfortable job at PayPal in America and come to India and start this company from his home in Delhi.

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Mobikwik has faced many ups and downs over the years. However, in the midst of all this, she continued to take on her heavily funded rivals like Paytm, Google and PhonePe.

The main vertical of Mobikwik today is its Wallet and BNPL business. 70% of its revenue still comes from the wallet business. However, it is now focusing on the BNPL business as a new growth engine in the coming years. The company’s valuation also crossed the $1 billion mark this week, making it one of the fastest growing unicorn club in India.

Will MobiKwik IPO get listed before Diwali? When asked, Founder Upasana Taku said, “We have worked hard to be the first fintech company to launch an IPO. We are glad that we are the first fintech company to get the green signal from SEBI. Though in the process of going for an IPO. There are many more phases also. Some of these things are not in our hands. So we can’t give any fixed date for IPO. But I must say that we are working very hard in this direction and we are very much towards our target. are close.”

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When asked about the company’s business plan for the next two-three years, Upasana said, “All our businesses have seen great revenue growth. Looking at the contribution-margins, all our businesses have been profitable. The entire company is not profitable. There is only one reason behind this and that is fixed cost. It includes people’s salary, engineering cost etc. As far as next two-three years are concerned, our entire focus is only on expanding our three businesses and apart from this. We are not going to enter any segment at the moment. We have all three segments – consumer business (wallet), BNPL and third payment gateway.”

Elaborating on BNPL, he said, “At present, this business generates only 20 per cent of our revenue. However, in the next few years, we expect a faster growth. It is showing strong growth every quarter. One of the focus on this is The reason is also that the margin in this is twice as compared to the payments business.”

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Denying anyone’s competition in this segment, he said, “Most of the company offers EMI-like loan on expensive products. While we offer loans of around Rs 3,000 with a tenure of 15 days. This is a first among us and other companies. There is a difference. Apart from this, the rest of the companies are behind the top 100 million users in the country, who have a good credit score. While our focus is not on them. Our target is about 500 million users who come after this, whose earnings are 20 to 50 thousand. Rupees a month.”

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Shehnazhttps://www.businesskhabar.com/
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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