Interview with the founders of Mobikwik in the Forbes magazine. BFL owns 12.6% stake. Mobikwik is transforming from a wallet/payments business to an online credit business. The founders claim to have financed 300 crore worth of loans so far and aim to have a loan book of 1500 crore by March 2019.They also mentioned that Mobikwil plans to go public in 2-3 years.
We can build a company like Bajaj Finance over the next few years. In fact, we intend to go public in two to three years.
However, in 2016, one of the founders had claimed that Mobikwik would be profitable by April 2018. For FY18 their losses were 132 crore on a revenue of 85 crore. Last year the company was looking at raising Rs 1000 crore at a valuation of Rs 4,500 crore to Rs 5,000 crore. Eventually they ended up raising 225 crore for a 12.6% stake, from Bajaj Finance. So I would take their projections and aspirations with a pinch of salt. It has seen a string of top level exits, and is frequently in the news with rumours of trouble and shutting down.
Mobikwik claims to sanction paperless loans, upto Rs 60,000, in under 90 seconds. I downloaded their mobile app (on iOS) to try out the instant digital loan. However, it seems to be offered only on the Android platform. Has anyone else tried it?