Indian financial services firm MobiKwik looks to raise $255 million in IPO
Gurgaon-based mobile wallet service firm MobiKwik plans to raise up to $255 million in an initial public offering, becoming the latest Indian startup to explore the public markets.
The 12-year-old firm, which counts Sequoia Capital India and Abu Dhabi Investment Authority among its investors and has raised about $250 million to date, plans to offer new shares of up to $201 million and sell up to $54 million worth of equity shares, according to papers submitted to the market regulator on Monday.
The firm, which allows users to pay digitally and also cross-sells small sachet of insurance and loans as well as provides them with American Express-powered credit cards, is targeting a valuation of about $1 billion in the IPO, according to two people familiar with the matter.
MobiKwik, which has amassed over 101 million registered users and 3.44 million online, offline and billing merchant partners, said its total income for the financial year that ended in March 2021 was about $40.5 million, down 18%, while its loss also shrank 12% to $14.9 million during the period.
MobiKwik’s move comes as a handful of Indian startups including Zomato and Paytm are working to list on stock exchanges. Zomato, a food delivery startup in India, last week boosted its plan to raise $1.3 billion in its initial public offering, which opens on July 14 and closes July 16.
This is a developing story. More to follow…
Gurgaon-based mobile wallet service firm MobiKwik plans to raise up to $255 million in an initial public offering, becoming the latest Indian startup to explore the public markets. The 12-year-old firm, which counts Sequoia Capital India and Abu Dhabi Investment Authority among its investors and has raised about $250 million…
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