MobiKwik loss widens, revenues jump over 80% in FY22

One Mobikwik Systems, the parent company of payments platform MobiKwik, reported a consolidated loss of Rs 128 crore in the financial year 2021-22, as compared to Rs 111 crore a year ago.

As per the company's regulatory filings accessed through Tofler, consolidated revenue from operations jumped 82.5 percent to Rs 526.5 crore.

Total income jumped 80 percent to Rs 543 crore.

Mobikwik also saw a 61 percent rise in total expenses at Rs 652.5 crore. Employee benefit expenses almost doubled to Rs 107 crore. Other expenses jumped 55 percent to Rs 545 crore.

The filings added that the authorised share capital of the company was increased from Rs 19.42 crore to Rs 34.52 crore in the year under review. The face value of the shares was subdivided from one share of Rs 10 each to five shares of Rs 2 each.

MobiKwik was gearing up to list in FY22 and had filed its draft papers with the Securities and Exchange Board of India (SEBI) in July 2021. However, the company did not go ahead with its Initial Public Offering (IPO) plans after market sentiment turned negative with newly listed tech stocks taking a beating.

MobiKwik was eyeing a valuation of $1.5 to $1.7 billion through the IPO which was expected by Diwali last year.

The company, however, achieved unicorn status, meaning a valuation of $1 billion in October 2021 after a secondary employee stock ownership plan (ESOP) sale round led by former Blackstone India head Mathew Cyriac.

The company's application to the Reserve Bank of India (RBI) for a payment aggregator licence for its payment gateway Zaakpay was rejected earlier this year after Mobikwik failed to meet the net worth requirements. The company has reapplied for the licence, according to a report.

Co-founder Upasana Taku expects the company to be profitable by FY24 and continues to work towards an IPO, she said in an interview to Business Today.

The firm is looking to grow its revenue to Rs 800 crore in FY23 and losses are expected to halve in the year, Taku added.