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MobiKwik posts Rs 875 Cr revenue and Rs 14 Cr profit in FY24

EntrackrEntrackr · 1y ago
MobiKwik posts Rs 875 Cr revenue and Rs 14 Cr profit in FY24
Medial

IPO bound MobiKwik made a strong comeback in the fiscal year ending March 2024, with its revenue surging by over 62%. The fintech firm also achieved profitability during FY24, recovering from an Rs 84 crore loss in FY23. That should do no harm at all to its IPO prospects. MobiKwik’s revenue from operations grew to Rs 875 crore in FY24 from Rs 539 crore in FY23, its consolidated annual financial results sourced from the Registrar of Companies (RoC) shows. Income from the commission on recharge, processing, and interest income on servicing loans, payment gateways, and technologies platforms were the primary sources of revenue for MobiKwik in FY24. In the last fiscal year (FY24), the company expanded its loan offerings through lending partners, resulting in a 3X increase in its lending operational cost to Rs 270 crore as compared to Rs 69 crore in FY23. Its payment gateway also grew 18.4% to Rs 201 crore in FY24. The employee benefits, legal, advertising cum promotional, technology and other overheads pushed the total cost up by 36.4% to Rs 876 crore in FY24 from Rs 642 crore in FY23. See TheKredible for the detailed expense breakup. More than 60% jump in scale and controlled expenditure led MobiKwik to turn black with Rs 14 crore in the last fiscal year as compared to Rs 84 crore loss in FY23. Its ROCE and EBITDA margins improved to 15.21% and 4.16% respectively. On a unit level, it spent Rs 1 to earn a rupee in FY24. In January this year, MobiKwik filed its draft red herring prospectus (DRHP) with the market regulator SEBI to raise Rs 700 crore from its IPO. The firm also reported profitability during the first half of FY24 with Rs 9.5 crore PAT and an operating revenue of Rs 381 crore. This is the second attempt by MobiKwik to go public as the Gurugram-based firm filed its first DRHP in July 2021. However, the firm later abandoned public listing citing weak market conditions. It’s worth highlighting that the firm is looking to raise less than half of what it aimed at from the previous attempt to go public. After filing DRHP, the company also raised Rs 50 crore ($6 million) in debt from BlackSoil Capital. After being overshadowed by Paytm and its storied investors, MobiKwik has done well to achieve profitability well before Paytm is expected to. The firm has often looked to plough a lonely path, sticking to its core offerings even as peers ventured into multiple segments. Now, it has the benefit of legacy as well as a strong balance sheet to build on, something it seems well prepared for, as the founders remain committed to the firm’s future as well. With an IPO finally in sight, the small debt fund raise can also be seen as a sign of confidence and conviction in going through with the IPO process this time.

MobiKwik to raise Rs 572 Cr in IPO amid 70% valuation cut

EntrackrEntrackr · 9m ago
MobiKwik to raise Rs 572 Cr in IPO amid 70% valuation cut
Medial

Gurugram-based fintech firm MobiKwik has filed its Red Herring Prospectus (RHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 572 crore through a fresh issue of equity shares. This is the third instance where the company has downsized its IPO offering. The company intends to utilize the IPO proceeds for several strategic purposes. While Rs 150 crore will fund the growth of its financial services business, Rs 135 crore million is allocated for its payments biz. The firm will invest Rs 107 crore towards research and development in data science, AI-ML, and product technology, said its IPO papers. Mobikwik IPO will open for subscription on December 11 and conclude on December 13, with a price band of Rs 265-Rs 279. SBI Capital Markets and DAM Capital Advisors leading the issue as book-running managers. According to the Red Herring Prospectus, investors can bid for a minimum of one lot size, which includes 53 shares valued at Rs 14,787. The firm has structured the allocation of its IPO as follows: 75% of the issue size is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and the remaining 10% for retail investors. Based on the IPO price band, the company is currently valued at $197 million (Rs 1,660 crore). Post-IPO, with an infusion of Rs 572 crore from the fresh proceeds, its valuation will rise to $264 million. However, this reflects a 71.6% drop from its peak valuation of $924 million in 2021. As per the RHP, Peak XV is the largest external shareholder with 16.7%, followed by Bajaj Finance which holds 13.41%. Its co-founders Bipin Preet Singh and Upasna Taku command 19.21% and 13.06%, respectively. During the first quarter of the current fiscal year (Q1 FY25), MobiKwik reported revenue of Rs 342.2 crore, with a marginal loss of Rs 6.6 crore for the period. In FY24, the company achieved an impressive 62% year-on-year revenue growth, increasing from Rs 539 crore in FY23 to Rs 875 crore. It also closed FY24 on a positive note, recording a profit of Rs 14 crore.

Leegality turns profitable with 87% revenue growth in FY24

EntrackrEntrackr · 11m ago
Leegality turns profitable with 87% revenue growth in FY24
Medial

Document infrastructure platform Leegality maintained its growth trajectory in the fiscal year ending March 2024. After achieving 100% revenue growth in FY23, the IIFL Fintech Fund-backed company reported an 87% spike in scale in the latest fiscal year. Leegality’s revenue from operations jumped to Rs 62 crore in FY24, as per its financial statement filed with the Registrar of Companies. Leegality enables businesses to digitally transform document logistics, eliminating physical paperwork in the lending ecosystem by providing digital infrastructure, including eSign and eStamping solutions. The sale of these services was the only source of collection for the firm in FY24. Leegality additionally earned Rs 4.2 crore from interest on bank deposits, bringing its total income to Rs 66.41 crore in FY24, a substantial increase from Rs 35.51 crore in FY23. Looking at expenses, employee benefit was the major contributor, accounting for 56% of total costs, increasing by 62.5% to Rs 36.4 crore in FY24 from Rs 22.4 crore in FY23. E-Sign Charges made up 15% of total expenses, rising 2.3 times to Rs 9.5 crore.Tech infrastructure formed 10% of expenses, growing by 55% to Rs 6.6 crore. Other costs, including stamp processing, advertising, and legal fees, brought total expenses to Rs 65 crore during the last fiscal year, reflecting a 66% increase from Rs 39 crore in FY23. With significant revenue growth, Leegality turned profitable in FY24, reporting a profit of Rs 1.11 crore, compared to a loss of Rs 3.5 crore in FY23. Its ROCE and EBITDA margin stood at -2.75% and 3.33%, respectively. On a unit-basis level, the company spent Rs 1.04 to earn each rupee of operating revenue in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -8.53% 3.33% Expense/₹ of Op Revenue ₹1.18 ₹1.04 ROCE -7.49% 2.75% Even though it operates in a fairly competitive space, Leegality’s turn to profitability indicates the ‘sensible’ economics within the segment. Even as more and more transactions and the documentation required are being digitised, the scope of work for Leegality and its peers will only increase, providing a clear pathway to growth. The only risk we can see is any government backed alternative like say, Digilocker which expands services to overlap with what these offer.

Exclusive: Ahead of IPO, MobiKwik raises debt from Blacksoil Capital

EntrackrEntrackr · 1y ago
Exclusive: Ahead of IPO, MobiKwik raises debt from Blacksoil Capital
Medial

Fintech firm MobiKwik has raised Rs 50 crore in debt from BlackSoil Capital. This is the second debt funding from the same investor in the last two years for the Gurugram-based company. The board at MobiKwik has passed a special resolution to issue 1,000 NCD (non-convertible debentures) at an issue price of Rs 5,00,000 each to raise Rs 50 crore, its regulatory filing sourced from RoC shows. Recently, Mobikwik made its second attempt to go IPO and filed its draft red herring prospectus (DRHP) with SEBI to raise Rs 700 crore from its initial public offering. However, sources assert that it may reconsider its public listing plan after Paytm’s mounting perils. According to the company’s latest DRHP, it will use Rs 250 crore from the proceeds of the IPO for financial service business. It has earmarked Rs 135 crore for funding growth of its payment service business while it plans to deploy Rs 135 crore towards strengthening product and technology. MobiKwik turned profitable in H1 of FY24 with Rs 9.5 crore profits along with an operating revenue of Rs 381 crore. In FY23, its operating revenue, however, went up just 2.37% to Rs 539 crore. The company booked a loss of Rs 83.8 crore in FY23 which shrank 34% from Rs 128 crore in the previous fiscal year.

IPO-bound Awfis reports Rs 616 Cr income in first 9 months of FY24

EntrackrEntrackr · 1y ago
IPO-bound Awfis reports Rs 616 Cr income in first 9 months of FY24
Medial

The year 2024 is turning out to be IPO season as over a dozen companies are ready to make their debut on the stock exchange. In the past 10 days, two companies – TBO Tek and general insurance Go Digit went public. Now, Awfis is slated to get listed on May 22. While TBO Tek and GoDigit were profitable till Q3 FY24, Awfis was in the red during the same period with a loss of Rs 19 crore. The Peak XV-backed firm has disclosed its financial numbers for the nine months period ending December 2024. Let’s analyze its financial performance for the three quarters of the last fiscal year. Awfis’s revenue from operations stood at Rs 616 crore during the first three quarters (March -Dec ’23) of FY24. In FY23, the firm’s total revenue was recorded at Rs 545 crore. Founded in 2015, Awfis offers customized office spaces for startups, SMEs, and large corporations including ancillary services like food and beverages, IT support, and infrastructure services among others. Income from rental services formed 64.7% of the total operating revenue which stood at Rs 399 crore in the first three-quarters of FY24. Revenue from construction and fit-out projects, facility management, and the sale of food items were other sources for collections for Awfis. It also added Rs 17.1 crore from non-operating activities tallying the firm’s total revenue to Rs 634 crore in the first three quarters of FY24. On the cost side, its subcontracting cost and rent & maintenance cumulatively formed 31.6% of the overall expenditure which was recorded at Rs 207 crore (Q1-Q3) FY24. Its employee benefits, brokerage, electricity, legal fees, depreciation and amortization, finance and other overheads took the total expenditure to Rs 653 crore in the same period. The growing scale and controlled cost mechanism helped Awfis to reduce its net losses to Rs 19 crore in the first 9 months of FY24. On a unit level, it spent Rs 1.06 to earn a rupee in the above-mentioned period. Awfis will open its public bidding from 22nd -27th May with a price band of Rs 364-382 per share having a lot size of 39 shares. While the disclosure of shares offered to anchor investors will be made on 21st May 2024. In the past six months, a clutch of startups have filed their draft IPO papers and are waiting for the approval from SEBI. The notable names include Ola Electric, FirstCry, MobiKwik, and Unicommerce.

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