Mobikwick lines up its own IPO 🔥

Back on Dalal Street, Mobikwick dropped its docs by SEBI’s office, for that imminent IPO — trying to get some limelight for itself.

Quick look at what we know so far:

• Made ₹300 crores in revenues for 2020, down 18% YoY — thanks to COVID freezing small businesses, and holding payments volumes back
• Meanwhile, losses jumped — ₹111 crores in the same year, up 12% YoY
• Operates in BNPL, Wealth management, Insurance, as well as a Merchant Payment gateway biz, beyond the Mobile Wallet

At a high level, the business looks like it spread too thin — with its foot in too many things, and struggling to make headway in each. Recent hack and management’s terrible handling of it, adds more unknowns to the mix.