One Mobikwik Systems
MainboardNSE₹572 Cr issue
+58.51%
Listing gain over issue price
Issue size
₹572 Cr
1 lot at cut-off
₹14,787
Lot size
53shares
Open
11 Dec 2024
Close
13 Dec 2024
Allotment
16 Dec 2024
Listing
18 Dec 2024
Listing performance
Issue price
₹279
Listed at
₹442.25
Listing-day close
₹530.30
Latest price
₹212.56
Close on 23 Oct 2026
Listing gain
+58.51%
Return since issue
-23.81%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 11 Dec 2024 – 13 Dec 2024
- Listing date
- 18 Dec 2024
- Face value
- ₹2 per share
- Issue price
- ₹279 per share
- Lot size
- 53 shares
- Listing at
- NSE
- Total issue size
- ₹572 Cr
- Market cap at offer price
- ₹2,295 Cr
- Promoter holding
- 32.87% → 25.18% pre-issue → post-issue
- ISIN
- INE0HLU01028
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- SBI Capital Markets Ltd.
- Registered office
- Unit 102, 1st Floor, Block-B, Pegasus One, Golf Course Road, Sector-53, Haryana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 92,25,807 | — | — |
Application size
Minimum 53 shares per lot, in multiples, at ₹279
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 53 | ₹14,787 |
| Retail (max) | 13 | 689 | ₹1,92,231 |
| S-HNI (min) | 14 | 742 | ₹2,07,018 |
| S-HNI (max) | 67 | 3,551 | ₹9,90,729 |
| B-HNI (min) | 68 | 3,604 | ₹10,05,516 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
92,25,807
Anchor portion
₹257 Cr
at ₹279 per share
Valuation and performance
Valuation at offer price
₹279 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.46 | −3.22 |
| P/E (×) | 113.41 | — |
| Price to book (×) | 9.81 | — |
| Market cap | — | ₹2,295 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period
- Return on net worth
- 8.66%
- Debt / equity
- 0.73
- NAV per share
- ₹28.43
- Price to book
- 9.81
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About One Mobikwik Systems
ONE MOBIKWIK SYSTEMS LIMITED is a digital payments and financial services platform incorporated in 2008. The company operates a two-sided network connecting consumers and merchants through its MobiKwik application. The platform enables consumer payments through secured wallets, UPI, recharges, bill payments, and credit card payments. On the financial services side, MobiKwik distributes credit products (MobiKwik ZIP pay-later, ZIP EMI personal loans, Merchant Cash Advance) from partner lending institutions, as well as fixed deposits, insurance, mutual funds, and digital gold. Revenue is generated through merchant fees, convenience fees, activation fees, and charges from the financial services business. The company has grown significantly with revenue from financial services increasing 471.27% from ₹976.57 million in FY2022 to ₹5,578.82 million in FY2024.
Company Analysis
from RHPMobiKwik is a fintech platform providing consumer payments services (wallet, UPI, bill payments) and financial services (pay-later credit, EMI loans, insurance, mutual funds distribution) to consumers and merchants across India.
ONE MOBIKWIK SYSTEMS LIMITED is a digital payments and financial services platform incorporated in 2008. The company operates a two-sided network connecting consumers and merchants through its MobiKwik application. The platform enables consumer payments through secured wallets, UPI, recharges, bill payments, and credit card payments. On the financial services side, MobiKwik distributes credit products (MobiKwik ZIP pay-later, ZIP EMI personal loans, Merchant Cash Advance) from partner lending institutions, as well as fixed deposits, insurance, mutual funds, and digital gold. Revenue is generated through merchant fees, convenience fees, activation fees, and charges from the financial services business. The company has grown significantly with revenue from financial services increasing 471.27% from ₹976.57 million in FY2022 to ₹5,578.82 million in FY2024.
Digital paymentsFinancial services distributionDigital lendingInsurance distributionMutual fund distributionDigital goldFintech
Objects of the Issue
- Funding organic growth in our financial services business ₹1,500.00 million p.28
- Funding organic growth in our payment services business ₹1,350.00 million p.28
- Research and development in data, ML and AI and product and technology ₹1,070.00 million p.28
- Capital expenditure for our payment devices business ₹702.85 million p.28
- General corporate purposes p.28
- Funding organic growth in our financial services business ₹1,500.00 million p.146
- Funding organic growth in our payment services business ₹1,350.00 million p.148
- Research and development in data, ML and AI and product and technology ₹1,070.00 million p.152
- Capital expenditure for our payment devices business ₹702.85 million p.154
- General corporate purposes [•] p.154
- Funding organic growth in financial services business p.156
- Funding organic growth in payment services business, including pre-funding of escrow accounts and biller accounts to provide instant settlements to consumers and merchants, and consumer acquisition to target new potential consumers p.156
- Research and development in data, ML and AI and product and technology including data platforms, ML and AI, and product and technology p.157
- Capital expenditure for payment devices business p.157
- General Corporate Purposes p.157
- Issue related expenses p.157
- General corporate purposes p.469
Issue Structure
- Total Issue
- ₹5,720.00 million
- Fresh Issue
- Up to [•] Equity Shares aggregating up to ₹5,720.00 million
- Offer for Sale
- Not applicable
- Price Band
- [•] per Equity Share (Floor Price ₹[•], Cap Price ₹[•])
- Lot Size
- [•] Equity Shares (Bid Lot)
- Face Value
- ₹2 per Equity Share
Business Model
Two-sided platform model: (1) Payment Services - revenues from merchant discount rates, transaction fees, and user convenience fees on wallet, UPI, and bill payment transactions; (2) Financial Services - revenues from one-time activation fees, interest/processing/penal charges, sourcing and collection fees on distribution of credit products from partner lenders, and fees from distribution of mutual funds, insurance, fixed deposits, and digital gold.
Business Segments
Secured payment ecosystem through MobiKwik Wallet, recharge and bill payments, credit card payments, and UPI ecosystem allowing consumers to make payments to merchants and money transfers. Merchants can collect payments using online modes through QR codes, Soundbox and EDC devices.
Distribution of credit products (MobiKwik ZIP pay-later, ZIP EMI 5-24 month personal loans, Merchant Cash Advance), and distribution of fixed deposits, insurance, mutual funds, digital gold. Enables personal finance management via Lens/Lens.ai.
Payment gateway and transaction processing services for merchants
Distribution of loans through partnerships with regulated lenders (banks and NBFCs) under RBI Digital Lending Guidelines, primarily MobiKwik ZIP (short-term, small-ticket loans ₹1,000-₹60,000) and ZIP EMI (longer-term, higher-ticket loans ₹10,000-₹200,000), plus provision of default loss guarantees to lending partners.
Digital payment solutions including MobiKwik Wallet for bill payments and peer-to-peer transfers, UPI integration, merchant payments at e-commerce checkouts and QR codes, POS machine payments, and payment acceptance devices (soundboxes, EDC machines) for merchants.
MobiKwik Xtra platform facilitating peer-to-peer lending between users on the platform.
Provides UPI, wallet, Pocket UPI, card, and pay-later payment solutions for recharge, bill payments, online and offline merchant payments, and money transfers to consumers
Distributes digital credit products including MobiKwik ZIP (pay-later with 30-day interest-free credit line), ZIP EMI (personal loans with installment repayment), and co-branded credit cards backed by fixed deposits
Provides investment products including Lens (personal financial management), Xtra (peer-to-peer lending), fixed deposits, mutual funds, and digital gold distribution, plus insurance through partnerships
Enables merchants to accept payments through QR codes, POS devices, and payment gateways, and provides merchant loans, digital record building, and marketing tools
Enables consumers and merchants to transact through multiple payment modes (UPI, wallet, cards, buy-now-pay-later) via the MobiKwik Application and payment acceptance solutions including online checkout, QR-based payments, soundbox, and EDC machines. Includes Zaakpay, a B2B payment gateway subsidiary.
Provides digital credit products to consumers (MobiKwik ZIP—30-day interest-free credit up to ₹60,000; ZIP EMI—3-24 month loans up to ₹200,000) and merchants (Merchant Cash Advance), plus investment/wealth products (mutual fund distribution, digital gold, fixed deposits, EPF tracking, Lens personal finance management) and insurance distribution via corporate agency partnership.
Digital wallet services, payment aggregation, online and offline bill payments, and transaction processing for consumers and retail merchants
Digital credit products and lending services to consumers
Corporate Agency (Composite) providing insurance brokerage and agency services for life, general, and health insurance
Bharat Bill Payment Operating Unit services facilitating bill payments and collecting payments for billers
Investment advisory, financial planning and consultancy services on securities and investments
Payment gateway and aggregator services for merchants facilitating digital payments
Includes MobiKwik Zip (flagship 30-day product), Zip EMI (longer tenure credit product), other credit products, wealthtech and fintech products, platform services designed to drive credit business, and amounts received from online promotions on such platforms.
Includes revenue from merchant fees collected from merchants and convenience fees collected from users under certain categories of services.
Provides consumer and merchant payment ecosystem including recharge and bill payments, credit card bill payments, and UPI payments
Provides MobiKwik ZIP (30-day interest-free credit), ZIP EMI (3-24 month installment product), and merchant cash advances to consumers through partnerships with lending partners
Processes online payments for merchants through payment gateway infrastructure
Facilitates recharge of talk time, utility bill payments, merchant payments, and money transfer services from user wallets to bank accounts
Servicing of loan products through lending partners, earning share in interest income, processing fees, activation fees, and penalty fees
Provides payment gateway services and earns commission from merchants
SWOT Analysis
Strengths
- • Significant growth in Financial Services revenue with 471.27% cumulative increase from FY22 to FY24(p.39)
- • Rapid Digital Credit GMV growth at 238.24% from FY22 to FY23, and 77.78% from FY23 to FY24(p.39)
- • Large and growing user base with 161.03 million registered users and 60.55 million active users as of June 30, 2024(p.40)
- • Diversified network effects across consumers, merchants, and lending partners with two-sided payments platform(p.41)
- • Large user base and market position in digital financial services(p.144)
- • Leading market share in wallet payments(p.144)
- • Early mover advantage and low cost structure(p.144)
- • Fourth highest user base among digital financial platforms(p.144)
- • Strong technology and data capabilities(p.144)
- • Large, engaged consumer base acquired at low CAC(p.158)
- • High repeat usage and consumer trust in brand(p.158)
- • Efficient operational cost management in digital credit products(p.158)
- • Technology and product-first approach with strong ML/AI capabilities(p.159)
- • Strong wealth vertical traction showing consumer trust(p.158)
- • Comprehensive merchant-centric offering across multiple payment channels(p.209)
- • Leadership position in wallet platform and BNPL market(p.213)
- • Early mover and innovator in fintech products(p.224)
- • Low customer acquisition cost enabling rapid user growth(p.246)
- • Strong brand recognition and user engagement(p.246)
- • Efficient cost management in digital credit operations(p.246)
- • Proprietary machine learning and data analytics capabilities(p.247)
- • High repeat usage and engagement in digital credit products(p.241)
- • Large engaged registered user base(p.246)
- • Large and growing user base in digital payments with diversified revenue streams(p.339)
- • RBI authorization for prepaid payment instrument operations extended through September 2024(p.339)
- • Strong revenue growth in Financial Services segment(p.375)
- • Profitable operations in FY2024 with positive EBITDA(p.335)
- • Large user base with low customer acquisition cost(p.402)
- • High repeat rate on flagship product MobiKwik ZIP(p.404)
- • Significant improvement in financial services gross margins(p.409)
- • Strong growth in total income and achievement of profitability in FY24(p.401)
- • Substantial AUM growth in credit products(p.403)
Weaknesses
- • High dependence on top three lending partners for 98.74% and 93.05% of Credit Partner AUM in FY24 and Q1 FY25(p.43)
- • Credit underwriting and risk management systems may not effectively assess risks, particularly for newer ZIP EMI product(p.45)
- • Prior auditor qualifications regarding non-compliant handling of preference share proceeds and book-keeping violations(p.45)
- • Significant financial guarantee obligations to lending partners capped at 5% under DLG Guidelines with potential material impact(p.44)
- • History of losses and negative retained earnings(p.46)
- • RBI compliance deficiencies in non-resident shareholder allotments(p.46)
- • Pending regulatory approvals for payment aggregator license(p.47)
- • Negative EPS and RoNW in recent periods(p.50)
- • Zaakpay revenue concentration and declining contribution(p.51)
- • Significant indebtedness and restrictive covenants(p.51)
- • Missing historical corporate and secretarial records(p.56)
- • Negative operating cash flows in multiple periods(p.58)
- • Significant dependence on few lending partners(p.147)
- • Exposure to credit concentration risk from top lending partners(p.147)
- • Recent operational losses(p.87)
- • Weak credit infrastructure affecting underwriting(p.84)
- • Limited geographic diversification with all business in India(p.84)
- • Recent profitability challenges despite turnaround(p.159)
- • Historical operating losses over multiple years(p.159)
- • Negative return on net worth in prior periods(p.160)
- • Lower net asset value per share declining over time(p.160)
- • Smaller scale compared to major competitors(p.161)
- • Significant decline in payment take rate indicating margin pressure(p.165)
- • Dependence on lending partner relationships for credit distribution(p.234)
- • Limited direct lending capability and regulatory constraints(p.254)
- • Exposure to default loss guarantee limitations(p.262)
- • Accumulated losses significantly exceed retained earnings(p.371)
- • High dependence on financial guarantee obligations and lending partners(p.374)
- • Significant reliance on bank overdrafts as primary funding source(p.373)
- • Historical losses and uncertain deferred tax asset recovery(p.358)
- • Audit qualifications regarding data backup and audit trail requirements(p.332)
- • History of significant losses prior to FY24(p.411)
- • Concentration risk with two major lending partners in FY24(p.385)
- • Negative cash generation from operations in FY24 despite profitability(p.423)
- • High debt-to-equity ratio and increasing leverage(p.384)
- • Dependence on lending partners for financial services revenue model(p.385)
- • Multiple regulatory compliance challenges and litigation risks(p.448)
- • Exposure to tax disputes with significant amounts at stake(p.451)
- • Significant contingent liabilities from service tax disputes(p.452)
- • History of fraud incidents impacting customer trust(p.447)
- • Data security breaches and extortion threats(p.448)
- • Operational losses with limited deferred tax asset recognition(p.432)
Opportunities
- • Significant addressable market in India's fintech with consumer internet industry expected to reach USD 600 billion by FY28(p.26)
- • E-commerce market expansion with expected growth to USD 190-200 billion by FY28(p.26)
- • Growing digital credit market with 41% increase in disbursed loans from FY21 to FY23, with potential for 4% of retail lending through digital channels by FY28(p.26)
- • Expansion of payment wallet market with wallet transaction value expected to reach 70-75 billion by FY28P(p.26)
- • Net Proceeds deployment planned across financial services, payment services, R&D in data/ML/AI, and payment devices totaling ₹5,622.85 million(p.28)
- • Expansion of financial services through credit distribution(p.146)
- • Growth in payments business through digital transaction expansion(p.148)
- • Scaling merchant and consumer acquisition in emerging markets(p.151)
- • AI and generative AI capabilities for customer engagement(p.152)
- • Payment devices expansion and merchant lending opportunities(p.154)
- • Massive addressable market in digital financial services growing at 21% CAGR(p.206)
- • Expansion through digital credit market growing at 15-20% CAGR(p.193)
- • Significant credit unserved population – 58% of adult population(p.193)
- • BNPL market expansion with 35-40 USD Bn projected by FY28(p.197)
- • Wealth-tech and mutual fund market growth opportunity(p.203)
- • Tier 2/3+ cities emerging as key growth driver for digital services(p.196)
- • Insurtech market growing at 45% CAGR with 3% to 9% penetration opportunity(p.204)
- • MobiKwik's addressable market projected to grow from USD 5.3 Bn to USD 16-18 Bn by FY28(p.207)
- • Expansion into underserved middle-income population segments(p.221)
- • High growth potential in digital financial services market(p.222)
- • Scaling existing payment aggregator business post regulatory approval(p.249)
- • Expansion of merchant credit and retention products(p.248)
- • Launch of new credit products for consumer durables and co-branded cards(p.249)
- • Penetration into wealth management and insurance products(p.248)
- • Expansion of Financial Services with credit products like Zip and Zip EMI(p.375)
- • Growth in payment gateway services revenue(p.343)
- • Diversification into technology platform services for financial institutions(p.343)
- • Expansion of digital lending in India's fintech market(p.400)
- • Growth in payment services through increasing merchant network(p.417)
- • Scaling of ZIP EMI product with 18.47x growth(p.406)
- • Diversification of payment modes and transaction types(p.418)
- • Wealthtech and fintech product expansion(p.403)
Threats
- • Intense competition from larger, better-capitalized fintech and traditional financial services players with greater resources and scale(p.41)
- • Evolving and uncertain regulatory framework for financial services products distribution with potential for increased compliance burden(p.40)
- • RBI regulatory oversight with history of non-compliance observations, penalties, and potential for service restrictions(p.35)
- • Data security and cybersecurity threats with past incidents including AWS data breach and ongoing vulnerability risks(p.38)
- • Dependence on lending partner relationships with short-term agreements (1-3 years) subject to termination with potential for direct competition from partners(p.43)
- • Growth sustainability concerns given rapid historical growth rates may not be maintainable due to market maturation and competitive pressures(p.39)
- • Payment gateway cost volatility and processor dependency(p.50)
- • Interest rate fluctuations affecting Digital Credit attractiveness(p.57)
- • P2P lending regulatory changes reducing product attractiveness(p.53)
- • Dependence on single P2P NBFC partner with concentration risk(p.54)
- • Fraud and illegal activities creating regulatory and reputational risk(p.52)
- • Regulatory scrutiny on data security and privacy compliance(p.49)
- • Systemic risk from Indian financial sector instability(p.83)
- • Macroeconomic slowdown in Indian economy(p.71)
- • Regulatory changes and CCI scrutiny affecting business model(p.84)
- • Evolving regulatory requirements for default loss guarantees(p.147)
- • Listing compliance and governance overhead straining resources(p.84)
- • Uncertainty in listing timeline affecting share trading(p.84)
- • Rising customer acquisition costs and payment gateway costs(p.87)
- • Intense competition from larger established players with greater resources(p.161)
- • Regulatory risks in digital lending and financial services(p.199)
- • Payment take rate compression across industry due to increased competition(p.165)
- • Secular decline in UPI transaction margins from competition(p.187)
- • Reliance on third-party lending partners for credit disbursals creating credit risk(p.163)
- • Economic cyclicality affecting consumer spending and credit demand(p.188)
- • Intense competition from established and new fintech players(p.253)
- • Competition from major players with greater resources(p.253)
- • Regulatory changes and compliance requirements in payments(p.258)
- • Data privacy and regulatory compliance risks(p.264)
- • Cyber security and data breach risks(p.249)
- • Regulatory requirements and compliance risks for fintech and payment operations(p.339)
- • Substantial customer fraud losses and credit risks from lending business(p.364)
- • High competition in payment gateway and fintech sectors affecting margins(p.335)
- • Significant financial guarantee obligations exposure to counterparty defaults(p.354)
- • Regulatory changes in digital lending guidelines affecting business model(p.407)
- • Suspension of payment aggregator business impacted revenue(p.408)
- • Fraud and security risks affecting platform integrity(p.393)
- • FASTag fraud exposure with criminal proceedings(p.393)
- • Interest rate sensitivity on variable-rate borrowings(p.388)
- • Regulatory uncertainty regarding payment aggregator classification(p.454)
- • Operating in a competitive digital payments environment(p.430)
- • Potential for adverse regulatory compliance outcomes(p.453)
- • Cybersecurity and data protection compliance risks(p.455)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Bipin Preet Singh | Promoter | 19.99% | — |
| Upasana Rupkrishan Taku | Promoter | 13.59% | — |
| Koshur Family Trust | Promoter | 0.26% | — |
| Narinder Singh Family Trust | Promoter | 0.37% | — |
| Bipin Preet Singh | Promoter | 19.21% | [•] |
| Upasana Rupkrishan Taku | Promoter | 13.06% | [•] |
| Narinder Singh Family Trust | Promoter Group | 0.35% | [•] |
| Koshur Family Trust | Promoter Group | 0.25% | [•] |
| Bennett, Coleman and Company Limited | Promoter Group | — | — |
| Times Internet Limited | Promoter Group | — | — |
| Bipin Preet Singh | Promoter | 19.21% | — |
| Upasana Rupkrishan Taku | Promoter | 13.06% | — |
| Koshur Family Trust | Promoter Group | — | — |
| Narinder Singh Family Trust | Promoter Group | — | — |
| Bipin Preet Singh | Promoter | 19.99% | — |
| Upasana Rupkrishan Taku | Promoter | 13.59% | — |
| Bajaj Finance Limited | Promoter Group | 13.95% | — |
| Sequoia Capital India Investments IV | Promoter Group | 13.55% | — |
| Net 1 Applied Technologies Netherlands B.V. | Promoter Group | 10.87% | — |
| Narinder Singh Family Trust | Promoter | 0.37% | — |
| Koshur Family Trust | Promoter | 0.26% | — |
Leadership
Bipin Preet Singh · Managing Director
Upasana Rupkrishan Taku · Executive Director
Ankita Sharma · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
One Mobikwik Systems IPO FAQs
What is the lot size of One Mobikwik Systems IPO?
The minimum lot size of One Mobikwik Systems IPO is 53 shares. One lot costs ₹14,787 at the cut-off price.
When does One Mobikwik Systems IPO open and close?
One Mobikwik Systems IPO opened for subscription on 11 Dec 2024 and closed on 13 Dec 2024.
What is the listing date of One Mobikwik Systems IPO?
One Mobikwik Systems IPO listed on 18 Dec 2024.