MobiKwik Stratagem to raise $200-250 million before Sept’21

Mobikwik is contemplating raising funds by offering IPO to the public before September 2021. The expected amount raised through funds is between $200 million and $250 million.

It will be the first digital wallet company to raise money through IPO.

The company is anticipating filing the Draft Prospectus by May 2021. Additionally, the company will also go for the Pre-IPO investment. It is the last private funding round before the company raises funds through IPO. This process evaluates the company at around $700 million.

Mobikwik started its operation in 2009. It is a digital wallet that provides various services like online payments, money transfers, mobile recharge, and more.

It received its license from the Reserve Bank of Indian in 2013. The key investors of the company are Sequoia Capital, Bajaj Finance, American Express, and more which contributed $100 million.

The competitors of the company are Paytm and PhonePe which it has dominated in the race of performance. Soon the companies are planning to go public in the future.

The company performed exceptionally well in FY20 which showed a 136% increase in its revenue. The net revenue expanded from ₹162 crores in the last year to ₹379 crores.

The founders of the company are Bipin Preet Singh and Upasana Taku and have headquartered in Gurgaon. It has a customer base of over 107 million and 3 million merchants.

Originally, the company provided services of a digital wallet. However, with its remarkable growth and performance, it expanded its services to mobile apps.

It has an association with NBFCs like Bajaj Finance, Aditya Birla, and DMI Finance.

Check all the recent news updates and share market updates


Get 90% Discount on Brokerage Now! Open Demat Account