Mobikwik aims to treble revenue this fiscal year but is wary of an IPO.
- ByStartupStory | January 24, 2022
Mobikwik, a fintech firm on the verge of going public, expects to conclude the current fiscal year with 100% revenue growth, according to a top company official. Upasana Taku, Mobikwik’s chairperson and chief operating officer, told PTI that the business’s initial public offering (IPO) is a once-in-a-lifetime chance, and that the company will not want to enter the market when it is behaving erratically, preferring to wait for the market to stabilise.
The company plans to double sales by the end of the current financial year, with a loss of Rs 111.3 crore and revenue of Rs 302.25 crore in the financial year 2021.Taku did not give a specific date for the company’s return to profitability but stated that if the company can boost sales while keeping costs under control, losses can be covered in a few quarters.
The Covid-19 epidemic affected the company, and the BNPL (Buy Now Pay Later) sector gross merchandise value fell 38.22% to Rs 299.94 crore in 2020-21 from Rs 4,85.49 crore in 2019-20, according to the company’s draught IPO filing . According to Taku, the firm has now returned to pre-Covid levels, and the company has had a strong financial year. She said, Our BNPL business has grown 22 times compared to last year and the payments business has grown three times,”
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