Mobikwik Unlisted Shares

Mobikwik is the largest Buy Now Pay Later (BNPL) fintech and one of the largest mobile wallets in India. They are focused on addressing the unmet credit needs of the fast-growing digitally paying users by combining the convenience of everyday mobile payments with the benefits of BNPL. Founded in 2009 by Bipin Preet Singh and Upasana Taku, they commenced operations as a mobile wallet to make digital payments convenient for their users. Their use has since then expanded to include bill payments, e-commerce shopping, food delivery, payments at petrol pumps, large retail chains, pharmacies, Kirana stores, etc.

Timeline of Mobikwik Unlisted Share

2008 : Mobikwik was incorporated

2009 : Mobikwik Started payment wallet operations

2010 : Incorporation of Zaak epayments services for payment gateway

2015 : Launched MobiKwik wallet as a payment option for organized and un-organized retail stores

2019 : Launched BNPL and received authorisation to operate as Bharat Bill Payment Operating Unit

2020 : Launched MobiKwik Blue American Express Card in partnership with American Express

2022 : Mobikwik entered into partnership with VISA to launch a prepaid card

 

Key Stats at a glance

Management

 

Bipin Preet Singh - Founder & CEO

·  BTech from IIT Delhi

·  Ex-Intel, Ex-Nvidia, Ex-Freescale Semiconductors

 

Upasana Taku – Co-founder & COO

·  BTech from NIT Jalandhar & MSc from Stanford University

·  Ex-HSBC, Ex-PayPal

Mobikwik total addressable market

MobiKwik primarily caters to diverse set of middle-income consumers which is categorized into three subsegments. Beyond this, MobiKwik extends its reach to an additional 200 million customers who have the potential to become relevant and bankable customers. This multifaceted approach positions MobiKwik as a comprehensive financial services provider, offering tailored solutions to diverse segments of the Indian adult population.

Product Portfolio

Mobikwik provides access to various payment use cases as well as financial products in the Digital Credit, investments, and insurance verticals.

 

Payment Services Products:

·  Recharge and bill payments

·  Payments at online e-commerce merchant, organised retail and fuel pumps

·  Transferring money to any other phone number, contact, UPI ID or bank account

Digital Credit products:

·  MobiKwik ZIP: Pay-later product with a 30-day interest free credit line

·  ZIP EMI: Personal loan that is required to be repaid in instalments.

Investment Products:

·  Lens: Personal financial management

·  Xtra: Alternative Investment product

·  Distribution of Mutual funds and Digital Gold

Other Services:

·  Online checkout for e-commerce merchant

·  Scan and pay with Kwik QRs

·  MobiKwik Vibe (Soundbox)

·  MobiKwik EDC Machine

·  Merchant Cash Advance

Funding details of Mobikwik Unlisted Share

MobiKwik has raised a total funding of $269M over 22 rounds.

Date	Money Raised	Lead Investor
June, 2013	$5 M	Peak XV Partners
Feb, 2015	$25 M	Peak XV Partners, Tree Line, Cisco, American Express
April, 2016	$50 M	Peak XV Partners, Tree Line, Cisco, NETI, Mediatek
Aug, 2017	$35.2 M	Bajaj Finserv
March, 2020	$30 M	Bajaj Finserv, Hindustan Times, Pratithi Capital
June, 2021	$20 M	Abu Dhabi Investment Authority, Sparkle Fund
Dec, 2021	$14 M	Bennett, Coleman
Jan, 2023	$553 K	BlackSoil

Financial Insights

                                                    (All figures in crores)

Particulars	FY-23	FY-22	Growth
Total Income	561	543	3%
EBITDA	(56)	(115)	51%
EBITDA Margins	(10%)	(21%)
PAT	(84)	(128)
PAT Margins	(15%)	(23.5%)
EPS	(14.66)	(23.04)
Net worth	142	216

Total Income increased by 3% primarily due to an increase in revenue from operations from financial services in Fiscal 2023, which was partially offset by a decrease in revenue from operations from payment services. EBITDA margins and PAT margins also improved significantly.

Revenue Split

                                                                                                                                 (All Figures in crores)

Particulars	FY-23	FY-22	Growth
Financial Services	285	98	191.86%
Payment Services	254	429	-40.68%
Other Income	22	17	30%

·  Mobikwik experienced overall growth in total income, driven by a significant increase in revenue from financial services.

·  Mobikwik witnessed a growth of 191% in financial services due to increased focus on distribution of financial services (primarily through MobiKwik ZIP and ZIP EMI products)

·  The decline in revenue from payment services was primarily on account of modes of payments skewing towards lower payment processing cost modes, as well as the suspension of their payment gateway business in FY-23.

·  Other income also saw a substantial increase due to higher interest income from bank deposits.

Key Performance Indicators