After delay in its intended IPO, Mobikwik is looking to raise $100 million in equity

9 Jun 2022 , 12:54 PM

The Gurugram-based fintech startup facilitates mobile phone-based payment systems and digital wallets through its web services. Mobikwik was founded in 2009 by Bipin Preet Singh and Upasana Taku as a mobile wallet to make digital payments more convenient for our consumers. Bill payments, eCommerce shopping, food delivery, fuel pumps, huge retail chains, pharmacies, Kirana shops, and more use cases have now been included.
 
Peer-to-peer payments via a universal payment interface (“UPI”), MobiKwik Wallet, and MobiKwik Wallet to bank payments are also possible on their platform. They have over 101 million registered users and over 3 million eCommerce, physical retail, and biller partners throughout the years(As mentioned on their website)
 
The cash would be used for marketing, employing employees, and making acquisitions, according to co-founder Upasana Taku, who said in an interview in Mumbai that the company, emerged profitable for the first time in the quarter ending Dec. 31, will use the funds. She stated that the business intends to proceed with the IPO at a later date.
 
Following a sell-off in the shares of larger rival Paytm, which went public in November, the company postponed its planned IPO. According to statistics from investment platforms that enable trading in private firms, Mobikwik’s unlisted shares bore the brunt of the IT sector’s downturn.
 
The firm, which counts American Express Co. and Sequoia Capital among its investors, is one of India’s top providers of purchase now, pay later services. It has over 100 million registered users and is looking to significantly expand its company. Mobikwik was valued at over $700 million when it obtained cash from the Abu Dhabi Investment Authority last year, but Taku said no decision has been made on the valuation for the latest investment round.