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Business Standard
14 hours ago
- Business
- Business Standard
Pine Labs files DRHP with Sebi for IPO; to raise ₹2,600 cr via fresh issue
Temasek and Peak XV Partners-backed Pine Labs has filed preliminary pape₹ with capital markets regulator Sebi to mobilise funds through an initial public offering (IPO). The IPO is a combination of fresh issuance of equity shares worth ₹2,600 crore and an offer for sale (OFS) of more than 14.78 crore shares by investor selling shareholders, according to the draft red herring prospectus (DRHP) filed on Wednesday. Under the OFS, Peak XV Partners, London-based Actis, PayPal, Mastercard Asia/Pacific, Temasek through Macritchie Investments, Invesco, Madison India Capital, MW XO Digital Finance Fund Holdco, Lone Cascade LP, and Pine Labs co-founder Lokvir Kapoor will be divesting their shares in the fintech firm. The company plans a pre-IPO placement of shares aggregating to ₹520 crore. If the pre-IPO placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issue to the tune of ₹870 crore will be used by the company to repay debt and ₹760 crore will be used for investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of digital checkout points. The company will use funds worth ₹60 crore for investment in its subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions, Malaysia, and Pine Labs UAE for expanding the presence outside the country, and the balance for general corporate purposes, and unidentified inorganic acquisitions. Noida-based Pine Labs is a technology company focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions. For the fiscal ended December 31, 2024, it has processed paytments worth ₹7,53,105 crore in gross transaction value and 3.97 billion transactions through its platforms. The company had more than 9.15 lakh merchants, 666 consumer brands and enterprises, and 164 financial institutions, who used its platforms to enable transactions quickly, securely and easily manage their business. According to the Redseer report, Pine Labs is one of the top five in-store digital platforms, and a prominent Bharat Bill Payment System transactions processing solutions provider in FY24. The company competes with the likes of Paytm, Razorpay, Infibeam, PayU Payments, PhonePe in the domestic market and Adyen, Shopify and Block in the overseas markets. For the fiscal ended December 31, 2024, the company reported a revenue from operations at ₹1,208.2 crore and profit after tax at ₹26.14 crore. The shares of the company are proposed to be listed on the BSE and NSE. Axis Capital, Morgan Stanley India Company, Citigroup Global Markets India, JP Morgan India, Jefferies India are the book running lead managers while KFin Technologies is the registrar for the IPO.
Time of India
20-05-2025
- Business
- Time of India
MobiKwik's net loss widens to Rs 55 crore as revenue growth remains flat
Fintech startup One MobiKwik Systems , which runs payments app MobiKwik, continued to remain in the red with a consolidated net loss of Rs 55 crore in the March quarter, against Rs 52.3 crore in the December quarter. The company reported an operating revenue of Rs 265 crore, almost flat against the Rs 268 crore reported in the December quarter. MobiKwik's business was impacted by a slowdown in its lending operations, which reduced its contribution margins to 30% from 37% and also slowed disbursals. Overall expenses rose 3% to Rs 323 crore in the March quarter, primarily on a sharp uptick in costs incurred to operate its lending business. Lending-related expenses jumped to Rs 41 crore from Rs 27 crore in the December quarter. However, for the full year, this cost remained subdued at Rs 175.8 crore compared to Rs 270 crore in FY24. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 자신이 전략의 달인이라고 생각하시나요? 레이드 섀도우 레전드 무료 체험 Undo Employee expenses and payment processing charges remained in the same range as the previous quarter. The Gurugram-based payments platform closed financial year 2025 with an overall loss of Rs 122 crore, compared to a profit of Rs 9.3 crore a year earlier. However, its operating revenue for the whole of FY2025 surged 31% to Rs 1,164 crore from Rs 884 crore a year back. Live Events The company said in its press release that revenue from financial services fell 28% to Rs 402 crore in FY25 compared to Rs 558 crore a year earlier. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories MobiKwik has also stopped its short-duration Zip loans, a high-margin, buy-now-pay-later product, resulting in the overall disbursal of such loans falling 41% to Rs 5,358 crore from Rs 9,093 crore a year earlier. The fintech expects a revival in growth for the lending business only after the second quarter of FY26. The move to the new digital lending guidelines has also impacted the way revenue is reported, the company added. While lending revenue slowed, the payments business has done well for the Peak XV Partners-backed firm. Overall gross merchandise value went up to Rs 1,15,900 crore from Rs 38,200 crore in the year-ago period. The growth was driven by new-user acquisition and onboarding of new merchants as well. By March 2025, the number of new merchants stood at 4.59 million and the number of registered users stood at 176 million. MobiKwik's stock was trading at Rs 275.7, down 1% on the BSE in early morning trade on Tuesday.
