MobiKwik has announced plans for an initial public offering (IPO) alongside news of an executive change.
Here’s what to know about the MobiKwik IPO.
- The company says that it’s looking to go public sometime in 2022.
- It doesn’t reveal any finer details about the plans.
- That includes no details on a possible stock ticker or IPO price for shares.
- What the company does mention are its financial gains in 2020.
- That includes revenue increasing by 133% year-over-year.
- It also points out that it has reported three consecutive years with revenue growth above 100%.
- The company also notes a Cash EBITDA loss reduction of 91% during its fiscal 2020 year.
- To go along with this IPO news, MobiKwik also announced Chandan Joshi as CEO of its Payments business.
- The company is also now listing him as a co-founder, despite him not being part of the founding team.
Joshi said the following about the news.
“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 eCommerce 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.”
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
