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MobiKwik appoints 4 new independent directors ahead of IPO

MobiKwik appoints 4 new independent directors ahead of IPO

MobiKwik appoints 4 new independent directors ahead of IPO
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By CNBCTV18.com Aug 17, 2021 1:43:17 PM IST (Updated)

Ahead of its IPO opening, MobiKwik has appointed four new independent directors.

Digital payments company MobiKwik on Friday has appointed four new independent directors ahead of its IPO opening in September 2021.

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The appointments include Dr Punita Kumar Sinha, Founder and Senior Managing Partner, Pacific Paradigm Advisors; Navdeep Singh Suri, former Ambassador of India to Egypt and UAE; Sayali Karanjkar, co-founder and CBO at PaySense; and Raghu Ram Hiremagalur, chief technology officer and vice president - engineering at LinkedIn.
MobiKwik had filed the draft red herring prospectus (DRHP) with Sebi and is looking to raise Rs 1,900 crore via a public offering. According to draft documents, Rs 1,500 crore will be primary share sales, while Rs 400 crore will be secondary, where investors can sell their stake.
Bipin Preet Singh, MD, CEO and co-founder of MobiKwik said, "When we started MobiKwik, we had an unwavering vision to leverage technology and make Digital Payments accessible to all of India. We have come a long way since then, earning the trust of over 108 million users and 3.4 million merchants. Today, we at MobiKwik are hungrier than ever our mission of financial inclusion and are confident that our interest-free ‘Buy Now Pay Later (BNPL) offering – MobiKwik Zip’ is ideal to democratise access to credit for Bharat."
Before the pandemic, MobiKwik saw net revenues more than double in FY20 at Rs 379 crore. The digital payments company said in July 2020 that its net revenue had surged 134 percent to Rs 379 crore in FY20. MobiKwik, which competes against Paytm and PhonePe, had clocked a net revenue of Rs 162 crore in FY19.
MobiKwik, which has about 325 employees, operates in three segments -- consumer payments, fintech (includes credit, mutual funds, etc), and payment gateway.
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