MobiKwik joins IPO queue\, eyes public listing by 2022

Homegrown fintech company MobiKwik said on Tuesday that it had "kickstarted" the process for a public listing by 2022, joining startups such as PhonePe, Paytm and Zomato that have publicly announced their plans to go in for Initial Public Offerings.

The company has also elevated senior vice president Chandan Joshi as co-founder.

"As co-founder, Chandan will join (co-founders) Bipin (Preet Singh) and Upasana (Taku) in setting the internal work ethos and momentum, organizing teams better for faster delivery, improving fiscal performance and getting the company in shape for IPO in 2022," the company said in a statement.

Joshi, who joined MobiKwik in 2018, has also been promoted as CEO of its payments business, the company said. In his new role, Joshi will take charge of MobiKwik's core payment business.

"Chandan has demonstrated all the right traits that we look for in a business leader - he leads from the front, is invested in his teams, is tenacious in driving business results and in closing large strategic deals," co-founder and CEO Bipin Preet Singh said.

It is not the first time that an outside executive has assumed the title of co-founder in India's broader startup landscape.

Zomato and Rebel Foods are among Indian startups where senior executives outside the original founding team have been promoted as a 'co-founder.'

"I joined in the aftermath of de-monetisation and my first assignment was organizing the retail payments business, then to run e-commerce payments and finally to grow all of the payments business," Joshi said. "I am confident that together we will be able to profitably grow MobiKwik and take the company public."

The company reduced its losses to Rs 8.5 crore and posted revenue of Rs 379 crore in financial year 2020, as per regulatory disclosures.

MobiKwik joins IPO queue\, eyes public listing by 2022

Lightning strikes kill 15 in Bihar | Patna News - Times of India

Lightning strikes kill 15 in Bihar

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PATNA: Lightning strikes claimed lives of at least 15 people in six districts as rain accompanied by thunderstorm lashed Patna and several other parts of the state on Tuesday. Weathermen have predicted that showers will continue in scattered manner in the state over the next four days.
Lightning killed three people each in Gopalganj, Bhojpur and Rohtas and two each in Saran, Kaimur and Vaishali districts. The two people who died in Saran have been identified as Shilpi (18) and Kajal (15), residents of Hazaam Toli village under the Panapur police station area in the district.
CM Nitish Kumar has announced an ex gratia of Rs 4 lakh to the next of the kin of each victims. The CM has also appealed to people to take necessary precautions during the turbulent weather.
“Follow all advisories issued by the disaster management department from time to time for being safe during lightning. Stay indoors and safe during bad weather,” Nitish was quoted as saying in a statement issued by the chief minister’s office on Tuesday.
Death by lightening is a serious issue in Bihar as such incidents happen frequently in the region. Lightning has so far claimed lives of 150 people this monsoon, mostly in June.
Meanwhile, Patna Meteorological Centre on Tuesday issued a yellow warning for thunderstorm with lightning at one or two places in all 38 districts of the state over the next two days. Weathermen have, however, ruled out any strong system in the region and attributed the thundershowers on Tuesday to local convective activities.
According to the daily weather bulletin issued by Patna Meteorological Centre, heavy to very heavy rainfall occurred at one or two places in north-east and north-west parts of the state. Light to moderate rainfall occurred at some places in north-west, north-central, south-west and south-eastern parts and most places in north-east parts of the state in the last 24 hours. Patna recorded 19.8mm of rainfall on Tuesday.
(With inputs from H K Verma in Chhapra)

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    MobiKwik joins IPO queue\, eyes public listing by 2022

    Telangana reports 2,000 new Covid infections | Hyderabad News - Times of India

    Telangana reports 2,000 new Covid infections

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    HYDERABAD: Telangana on Tuesday reported 10 deaths and 2,058 new Covid-19 cases as the total caseload rose to 1,60,581.
    While the death toll climbed to 984, just 16 short of 1,000 cases, about 30,400 patients are being treated for the novel coronavirus, with 23,534 under home isolation. 1,29,187 patients have recovered so far with 2,180 people in the last 24 hours. The recovery rate of the state stands at 80% compared to national recovery rate of 78%.
    The state tested 51, 247 samples, below the 60,000 plus average in the last few days. The state now has reached 59,811 per million tests and in the last 24 hours, 908 samples tested are waiting for results.
    Along with GHMC, five other districts reported more than 100 cases.

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