Chiefs at India-based mobile wallet provider MobiKwik held talks with multiple potential investors as it targets an IPO in the next three years, The Business Times reported.
MobiKwik expects to report its first quarterly profit in March 2020 and anticipates booking a full year profit for its 2021 financial year.
The provider’s website states it runs the second-largest mobile wallet service in India, processing more than 1 million transactions per day. In addition to its core service it offers loans and wealth management tools.
MobiKwik began trading in 2009 and since launch its core market has been targeted by a number of major international players in addition to home-grown rival Paytm, which has backers including Alibaba, Ant Financial and SoftBank.
Also this week MobiKwik announced a partnership with B2B platform DT One, which will enable users to top-up prepaid mobile handsets remotely from more than 150 countries.