The ₹572-crore initial public offering (IPO) of fintech firm One MobiKwik System is set to open on December 11. In an exclusive conversation with Fortune India, Bipin Preet Singh, Co-founder & CEO, shared the company’s IPO strategy, business model, and future growth plans.

Bipin Preet Singh said that Mobikwik is ready to go public as it has achieved the necessary scale and profitability. “Over 15 years, we have built a fantastic business in FinTech space, especially digital payment and distribution of financial products. I think we've reached the scale, and have become profitable last year with a profit of ₹894 crore. So, I believe we are in the right stage where we should go for IPO.”

He also shared his views on current trends in digital payments and mobile wallet culture. “Digital payments, including UPI, have scaled significantly over the past five to six years. Despite this growth, penetration remains low, with only 300-400 million people using digital payments. There is a significant opportunity to increase the penetration of digital payments and financial services, especially in non-metro areas,” says Singh.

Founded by Bipin Preet Singh and Upasana Taku in 2009, the digital payment solutions company has fixed the price band at ₹265-₹279 per equity share for its maiden IPO. The IPO is entirely a fresh issue of up to ₹572 crore, with no offer of sale component.

The proceeds from its fresh issuance will be utilised to the extent of ₹150 crore for funding organic growth in its financial services business; ₹135 crore for funding organic growth in its payment services business; ₹107 crore for Research and development investment in data, ML and AI and product and technology; ₹70.28 crore for capital expenditure for its payment devices business; and general corporate purposes.