Mobikwik is planning to raise “less than ₹1,000 crore” through its proposed IPO which is expected to hit the markets next financial year, said Upasana Taku, chairperson and co-founder of the digital banking platform, on Thursday.

“We are working towards floating an IPO in the next financial year. We will do a smaller IPO. This time it will be less than ₹1,000 crore,” said Taku, who was in Gujarat for a start-up conclave organised by the State government.

“We have already said that we are interested in getting listed. We have been focusing on profitability for the last five years. For a company like us, respect will come through the public markets. We had once filed the DHRP and we had also received the approval,” she added. 

In 2021, the company had received approval from the Securities and Exchange Board of India (SEBI) for its ₹1,900-crore IPO. However, the company put off the IPO listing. “We were working hard for the last two years. In the last 1.5 years, we thought the markets were not conducive due to the conflict in Ukraine and now the conflict in Gaza. So we decided to scale up our businesses and have now become profitable,” Taku told media persons in Ahmedabad.

The company official said Sequoia Capital, American Express Ventures, GMO Venture Partners, Bajaj Finance and Abu Dhabi Investment Authority have invested in the company and the promoter holding in the company currently stands at 34 per cent.