New Delhi: IPO-linked fintech company Mobikwik expects to end the current fiscal year with 100% revenue growth, a senior company official has said. Mobikwik President and COO Upasana Taku told PTI that the company’s initial public offering (IPO) is a monumental opportunity for the company and will not like to enter the market when it comes behaves erratically, but will wait for market conditions to stabilize.

The company, which recorded a reduction in loss to Rs 111.3 crore and revenue of Rs 302.25 crore in the 2021 financial year, plans to double revenue by the end of the current financial year .

Talking about the company’s path to profitability, Taku did not mention any specific timeline, but said that if the company is able to increase revenue and keep costs under control, losses can be covered in a few quarters.

“In just two quarters, we have already reached last year’s turnover. Any investor can calculate what the business performance will be for the whole year. It will seem that the company has doubled its income and the EBITDA losses are the same or lower. If you’ve crossed Rs 300 crore until Diwali, then you have an idea of ​​where you’re going to land,” Taku said.

She said the company has been doubling revenue every year for the past 4 years and controlling losses.

The company in its draft IPO document mentioned that it was impacted by the Covid-19 pandemic and the Gross Commodity Value of the BNPL (Buy Now Pay Later) segment decreased by 38.22 % to reach Rs 299.94 crore in 2020-21 from Rs 4.85.49 crore in 2019-20.

Taku said the business has now reached pre-Covid levels and the company has performed well in the current financial year.

“Our BNPL business has increased 22 times over last year and payment activity has increased three times,” she said.

The company plans to raise Rs 1,500 crore from the IPO.

Asked about IPO launch timelines, Taku said the company was cleared to enter the market until November 2022 and would list once market conditions stabilized.

“I think it’s common sense that if the markets are acting erratically, why would you want to risk the outcome of something you’ve worked so hard for? We’ve worked very hard over the past 12 years to get at this stage I can’t think of any internet company that has reached more than 10 crore users, having only spent Rs 700 crore We have reached this stage after hard work so the IPO should to be a bumper. We will only fight for that,” Taku said.

A competitor to Mobikwik in the payments segments, shares of Paytm hit an all-time low of Rs 952.95 and closed at Rs 959.90 each on Friday. The closing price of Paytm shares was about 55% lower than the subscription price of Rs 2,150 each.

Paytm founder Vijay Shekhar Sharma in a webinar last week said shares of the company’s global peers have fallen in the range of 38-51% over the past six months and companies South Americans had experienced a decline of up to 70%.

Taku said the company will wait for the market to stabilize for the IPO and until then it will communicate to people about capital efficiency, the company and other unique selling propositions of Mobikwik.