After shelving its IPO plans in 2022, Delhi NCR-based fintech unicorn MobiKwik has again filed its draft red herring prospectus (DRHP) with the market regulator SEBI. The startup is raising up to INR 700 Cr through a fresh issue of shares without any offer-for-sale (OFS) component.
The development came days after Inc42 exclusively reported that the startup would be refiling its draft papers and was looking to raise up to INR 880 Cr via fresh issuance of shares.
It is pertinent to note that the current MobiKwik IPO has an almost 63% lower offer than the INR 1,900 Cr it was looking to raise through the public bourses when it first filed its DRHP in 2021.
The decision of MobiKwik’s existing shareholders to not sell their shares is also a strong vote of their confidence in the startup’s future earnings potential. So, let’s understand who holds how much stake in the IPO-bound fintech startup.
Who Sits At MobiKwik’s Cap Table?
According to the draft documents filed by the company, MobiKwik has 2,501 shareholders, with four in the promoter and promoter group and 2,497 public shareholders.
Cofounder and CEO Bipin Preet Singh is the largest shareholder with a 19.26% stake in the IPO-bound MobiKwik. Along with cofounder and CFO Upasana Taku, the cofounders hold a cumulative 32.35% stake in the startup they set up in 2009. Individually, Taku is the third largest stakeholder in the company with a 13.09% stake.
Bajaj Finance Limited is the second largest stakeholder overall and the largest corporate stakeholder in MobiKwik, with a 13.44% stake. Peak XV Partners and the Netherlands-based smart card supplier Net1 Applied Technologies are the only other corporate stakeholders with over 10% stake – 13.06% and 10.47% stakes, respectively.
Tree Line Asia is next on the list, with a 3.89% stake in the fintech startup, while Sequoia India also holds a 3.68% stake in MobiKwik. The likes of Abu Dhabi Investment Authority, Times Group, Cisco, American Express Travel, Hindustan Media Ventures Limited and Japan-based GMO Internet Group are the only stakeholders with more than a 1% holding in MobiKwik.
Who’s Who At MobiKwik?
Cofounder Singh, an IIT-Delhi graduate and an MBA from Harvard Business School, is the CEO and MD at MobiKwik. Taku is the executive director, chairperson, and the CFO. She is a graduate of the London School of Economics and Political Science.
Chandan Joshi is the CEO of MobiKwik’s payments division. Joshi joined the fintech startup in 2018 and is responsible for building the company’s consumer payments business. He holds a bachelor’s degree in textile technology from IIT Delhi and a master’s in business administration from London Business School.
Joshi is also known for cofounding Anatole Solutions Private Limited in 2012 and has been the business head of PTAP Delivery Solutions Private Limited (formerly Nuvo Logistics) since the former was sold to the latter. He has also worked with Credit Suisse Securities (Europe) Limited and Futures First Info Services Private Limited.
Other key members of the company include Anurag Jain (VP of lending and data), Mohit Narain (COO of consumer payments) and Saurabh Dwivedi (senior VP of technology).
Jain joined MobiKwik in 2021 and is responsible for risk management, credit underwriting, and collection supervision in the lending business. He is a chartered accountant and has worked with leading NBFCs, banks and fintech companies such as Paytm, Bajaj Finance, Indiabulls, ICICI Bank and others.
Narain joined MobiKwik in 2018 as a consultant and has held his current position since 2023. He holds a bachelor’s degree of science in Mathematics from the University of Delhi and a master’s degree in computer science from the University of Illinois at Urbana Champaign.
Dwivedi joined MobiKwik in 2023 and is responsible for leading the company’s engineering teams. He holds a bachelor’s degree in computer science and engineering and has experience in technology development with companies such as MakeMyTrip, American Express (India), and Satyam Computer Services.
Lastly, Ankita Sharma is the compliance officer and company secretary at MobiKwik. Sharma is an associate member of the Institute of Company Secretaries of India and has experience in compliance and company secretarial matters.
Besides this, the company reported having 1,233 employees, including 604 permanent employees and 629 contract employees as of September 30, 2023.
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