Ikeda

PLACE ORDER

ROFR Required
No

Available in Depository:
NSDL
CDSL

Available for Investment:
Primary
Secondary

RATING

RECOMMENDATION

Buy

Business Type

Startup - Growth Phase

Investment Checklist

Management

Accounting Practice

Profitability

Solvency

Growth

Valuation

RATING

RECOMMENDATION

Buy

Business Type

Startup - Growth Phase

Ikeda Unlisted Shares Essentials
Share

ISIN

INE0MCY01011

Face Value

₹1.00

Total Share

45,04,000

Total Income

₹10,408.36 L

Profit After Tax

₹22.84 L

Promoter Holding

96.53 %

EPS

₹0.51

Enterprise Value

-₹1.15 Cr

Book Value

₹1.08

Intrinsic Value

₹29.97

Sector

Financials

Sub-sector

Payment Infrastructure

Ikeda Growth

About Ikeda

Ikeda provides premier payment and digital ecosystem partners for consumers, merchants, and banks. It offers merchant-only mobile wallet services, which enable users to conduct transactions using digital banking solutions.
It has a partner-driven model, via this Kirana stores, merchants, and other unbanked individuals can easily transfer money. They attempt to connect with the tiniest to the smallest seller by offering Micro ATM(mATM), Direct Money Transfer(DMT), and Aadhaar Enabled Payment Systems (AePs) services. The firm guarantees secure and smooth omnichannel transactions at all times and in all locations, with an emphasis on India's Tier 2 and Tier 3 cities.
The company ensures secure and seamless omnichannel transactions at all times and at all locations, with a focus on Tier 2 and Tier 3 cities of India.
The company has generated a monthly GTV of more than $150 million in the first year of its operations.
Ikeda was established in 2019 with a registered office in Gurugram.

Ikeda IPO Details

As of 31st March 2022, the company doesn't have any plan for IPO.

Ikeda Subsidiaries

As of Mar'22, the company doesn't have any subsidiary

Ikeda Business Model

Ikeda provides B2B services and connects with retailers through its agent network. The firm uses its agents to contact merchants and offer them money transfer services. It also provides cash withdrawal services through Micro-ATMs and AePs. It provides a platform for traders to pay utility bills and is planning to expand into the ticket booking and mutual fund services segments.
mATM: Cash can be withdrawn from retail outlets using a mPOS/mATM Device by swiping any bank's Debit/ATM card
AePS: Ikeda provides AePS-certified services that enable online interoperable financial transactions at the point of sale.
DMT: Users do not need to visit a bank to make a domestic money transfer; instead, they may effortlessly deposit cash into any bank account in India.
Special services and Tours and Travel: Ikeda is a one-stop-shop for all of your utility bills and ensures direct interactions across banks, cards, and wallets.
Utility Payments: Special services of the company include Cash Management Services (CMS), Credit Pay, Tours and Travels -ticket booking services.

Ikeda Revenue Segmentation

Domestic sales
Commissions

Other charges

Ikeda Product & Services

Micro ATM (mATM)

Aadhaar Enabled Payment Systems(AePS)

Direct money transfer

Special services and Tours and Travel

Utility Payments

Ikeda Assets

As of March'22, the company has total assets of worth Rs.101.9 lakhs.

Ikeda Industry Overview

Industry Statistics

Overview

B2B payments are the exchange of currency-denominated value from buyer to supplier in exchange for goods or services. Depending on the contractual arrangement between the customer and supplier, It might be one-time or recurring.
B2B payments are more complicated than B2C payments since they require more time to authorize and finalize the transaction, which might take days or weeks. In contrast, in B2C payment processing, the transaction is often finalized immediately. In India, at least 90 to 100 transactions are required per day to allow the business to be commercially viable.
However, the B2B payment technology offers several benefits such as reduced payment transaction charges and improvement of sales of the organization to domestic business owners, which drives the growth of the market. In addition, the rise in the adoption of cash in advance payment technology such as credit cards for purchasing products from domestic businesses propels the growth of the market in this segment.
The India B2B payments market was valued at $31.34 billion in 2020 and is projected to reach $98.04 billion by 2028, registering a CAGR of 15.4%.
On the basis of payment mode, the B2B payment market is divided into traditional and digital. The India B2B payments market was valued at $31.34 billion in 2020 and is projected to reach $98.04 billion by 2028, registering a CAGR of 15.4%.
On the basis of transaction type, the B2B payment market is segmented into domestic payments and cross-border payments. The India B2B payments market was valued at $31.34 billion in 2020 and is projected to reach $98.04 billion by 2028, registering a CAGR of 15.4%.
On the basis of enterprise size, the B2B payment market is segmented into large enterprises, medium-sized enterprises, and small-sized enterprises. The India B2B payments market was valued at $31.34 billion in 2020 and is projected to reach $98.04 billion by 2028, registering a CAGR of 15.4%.

Micro-ATM

As per RBI Data, cash withdrawals through micro ATMs had almost doubled. While the initial spurt was huge, the growth was only 22% in the last financial year.
The cash withdrawals worth ₹1,17,086 crore were done through micro ATMs in FY20, and this grew by 92% to ₹2,25,041 crore in FY21. Between April 2021 and February 2022, the value of withdrawals was ₹2,71,297 crore.
As of August 2021, 0.49mn micro-ATMs were deployed in the country.

AePs

Retail digital merchant payments in India have grown at a 67% CAGR over the previous five years, reaching Rs 58 trillion in FY21, While through AePS a total of 43 cr transactions worth Rs.16,101 cr were made during the lockdown period. In the financial year 2020, AePs had over one trillion Indian rupees worth of transactions across India.
Since its launch in 2016, AePS has grown at a CAGR of 137%. It recorded over 400 million transactions in April and May 2020, owing to direct disbursement under the stimulus packages announced by the Government during the COVID-19 crisis.

DMT

The global remittance market size was valued at $701.93 billion in 2020, and is projected to reach $1,227.22 billion by 2030, registering a CAGR of 5.7% from 2021 to 2030. As of FY21, yearly remittances within India amounts to roughly Rs 2 lakh crore.

Industry Growth Drivers

In rural India, people prefer to make a transaction in person, instead of digital transactions which limit the penetration of digital solutions, till now, 72% of transactions in India happen via cash which makes cash the dominant mode of transaction, especially in the rural area, one of the main reason for this is a huge lag in digital literacy. Only 38% of households in India are digitally literate which makes them unaware of these payment methods, but this creates a huge opportunity for the industry to spread awareness and capture the remaining market share.
The cost of acquisition for PoS terminals is considerably high for rural merchants which leads to low penetration of these payment services in tier-2 and tier-3 cities, which opens up many growth opportunities for the company. Even, as of FY21, rural India has 6.2 ATMs per 100,000 people, which is much lower than the pan-India average of ~21 ATMs. It is estimated that only one in ten villages has reasonable access to an ATM.
One of the major factors driving the need for B2B payments among businesses is the rising export and import of products and services throughout the world. Furthermore, firms anticipate dealing with other nations in order to expand, which increases cross-border commercial transactions. Furthermore, the increased use of technology in B2B payments, as well as the fast expansion of local SMEs and medium-sized businesses engaged in large trades, function as important driving forces in the worldwide B2B payments market.

The company has various competitors in the unlisted market including RapiPay, SpiceMoney, Fino Paytech, but Ikeda holds a significant advantage over them in terms of fast and secure services.

Future Prospects

The global B2B payments market was valued at $870.42 billion in 2020 and is projected to reach $1,918.03 billion by 2028, registering a CAGR of 10.6% from 2021 to 2028. The traditional segment was the highest contributor to the market, with $554.40 billion in 2020, and is estimated to reach $1,013.48 billion by 2028, at a CAGR of 8.0% during the forecast period. The digital segment is estimated to reach $904.55 billion by 2028 at a CAGR of 14.2%.
In India Retail digital merchant payments has at a 67% CAGR over the last 5yrs, reaching Rs 58 trillion as of FY21. It is expected to be 37% of GDP by FY26
Through AePS(a method of B2B Payments) a total of 43 crore transactions worth Rs.16,101 crore were made during the lockdown period
The total value of remittance is expected to witness a 1.7 times increase from INR 5,990 billion in 2018 to INR 10,080 billion in 2025.
CRISIL projects the market to touch Rs3.4trn by FY25, translating into 12-13% CAGR in remittances during FY20-FY25, notwithstanding the small blip in growth in FY21 wherein the market was expected to be Rs2.10trn.

Government Initiatives

In order to further speed track Financial Inclusion in the country, Two Working Groups were constituted by RBI on MicroATM standards and Central Infrastructure & Connectivity for Aadhaar-based financial inclusion transactions.
AePS model started by the government is a bank-led model which allows online interoperable financial inclusion transactions at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.
Government has to increase MATM per transaction interchange fees by a regulator which is currently capped at Rs15 per transaction; by Rs1-2 per transaction.

Ikeda Strengths

Ikeda provides Fast Payments services and tackles the problem of delayed payments across the industry.
The company is continuously evolving services and upgrading its Technology to provide consumers with a better experience.

Ikeda Shortcomings

The company is highly dependent on Direct Money Transfer services for its revenue, around 50% of the revenue of the company comes from that only.
In FY22 the company reduced its utility business, which used to be a source of major income for the company, and now it focuses on B2B payments. Though, the transition expects to yield good returns in the coming future.

Ikeda Opportunities

Ikeda is planning to enter in B2C payment segment in the coming future. Total transaction value in the Digital Payments segment is projected to reach US$133.40bn in 2022, and due to the focus on digitalization among common people, it is expected to increase in the near future, which will bring many opportunities for the company.
The company is working on providing mutual fund services to its customers.
Retail digital merchant payments in India are expected to be 37% of GDP by FY26, which shows exponential growth opportunities for the company.
In the financial year 2020, AePs had over one trillion Indian rupees worth of transactions across India. The value was estimated to rise up to over ten trillion Indian rupees in the financial year 2025 in the country.
The total value of remittance/MATM is expected to witness a 1.7 times increase from INR 5,990 billion in 2018 to INR 10,080 billion in 2025.
Currently, 72% of transactions in India are conducted in cash, making cash the main method of transaction, particularly in rural regions. However, India has the inadequate digital infrastructure in rural areas, and the cost of purchase for PoS terminals is too expensive for rural merchants. This summarises, that poor penetration in tier-2 and tier-3 cities in India creates several development prospects for the organization.

Ikeda Threats

Market is already being served by top performing private sector banks, multinational banks, and public sector Top of the banks with strong balance sheets
Ikeda has some major competitors including Fino pay tech and Spice Money and has intense competition from a large number of unorganized entities
The company is planning to enter the B2C payment segment, which already has many established players including Paytm and phone pay, which has already captured huge market share this can become a threat to the company's growth.

Ikeda Rating

RECOMMENDATION

Buy

Ikeda Detail Info

Industry Statistics

PRIVATE LIMITED

Registered In

India

last Updated

05/07/2022

Registered Date

15/11/2019

Planify Ticker

Ikeda

Reg Office: Unit No.- 402 Spaze I tech Park, Sector 49, Sohna Road, Gurgaon-122018

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