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Initial public offering of up to [] equity shares of face value of Rs. 2 each (Equity Shares) of One Mobikwik Systems Limited (The Company or the Issuer) for cash at a price of Rs. [] per equity share, including a share premium of Rs. [] per equity share (the Issue Price) aggregating up to Rs. [] crores (the Issue). The issue comprises of a fresh issue of up to [] equity shares by the company aggregating up to Rs. 700.00 crores (the Fresh Issue or the Issue). The issue shall constitute [*]% of the post-issue paid-up equity share capital of the company. The company in consultation with the book running lead managers, may consider a further issue of specified securities (as defined hereinafter), including through private placement, preferential allotment, rights issue or any other method as may be permitted under applicable law to any person(s) of such equity shares for an amount aggregating up to Rs. 140.00 crores, at its discretion, with the roc (pre-ipo placement). If the pre-ipo placement is undertaken, the fresh issue size will be reduced to the extent of such pre-ipo placement, subject to the issue complying with rule 19(2)(b) of the scrr. The price band and the minimum bid lot size will be decided by the company.

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One Mobikwik Systems is a platform business at its core, with a two-sided payments network, consisting of consumers and merchants.

Company operations are divided into two distinct businesses: payments and financial services. Its payments business strategy is to acquire a large set of consumers and create a large merchant acceptance network so that they can pay conveniently via the MobiKwik app. On the consumer side, the MobiKwik app provides its users with a simple, fast, safe and reliable way to pay via UPI, wallet, cards and buy-now-pay-later for multiple use

The company aims to leverage technology as the primary factor to facilitate financial inclusion for the underserved population in India.

Large, engaged consumer base acquired with low CAC

The company’s registered users have grown at a CAGR of 17.47% from 101.37 million as of March 31, 2021, to 139.89 million as of March 31, 2023. Additionally, the company had 146.94 million registered users as of September 30, 2023. The company facilitates this growth through SEO, user referrals, brand recall and the Bharat Bill Payment System (BBPS) platform.

Trust in the brand

The company is confident in its strong brand name and recall, across large and small Indian cities. The MobiKwik app remains one of the easiest ways to transact across multiple methods. Its offerings include e-commerce, physical retail and bill payments thereby giving the company the ability to capture increasing utilisation by consumers for daily life payments. The brand is well entrenched in the digital payments landscape and consumers associate the company with comprehensive digital payments offerings.

Technology and product-first approach to business

The company has a technology and product-first approach to business, which is powered by its cloud-hosted transactional, data and analytical platforms. The company’s technology stack is meticulously developed in-house, leveraging new-age technology frameworks and distributed architecture from the ground up and seamlessly integrated across all facets of its ecosystem. By independently developing constructing and innovating at every layer of the technology stack, the company can swiftly launch products and services, incorporate various product features, provide integrated and synergistic offerings, manage large-scale operations, and achieve high success rates and ensure high system availability or uptime stability.
  • The company’s funding requirements and the proposed deployment of net proceeds have not been appraised by any bank or financial institution or any other independent agency.

  • The company may not be able to maintain the levels of growth, including in its Financial Services business.

  • The business is largely dependent on attracting new consumers, merchants, or other providers of financial services to grow the business.

  • Scaling existing products.

  • Expanding product portfolio in existing business lines.

  • Expansion of the company’s payment aggregator business.

Here are the key financials for One Mobikwik Systems Ltd:

Particulars (in Rs. million)

Here are the steps to apply for One Mobikwik Systems Ltd IPO:

Step 1: Log in to your Kotak Securities Demat account Log in to your Demat account to access IPO investments. Next, select the current IPO section.

Step 2: Specify IPO details Enter the number of lots and the price you wish to apply for.

Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.

Step 4: Mandate Notification Your UPI app will receive a mandate notification to block funds.

Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.

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