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This article is more than 6 month old.

MobiKwik eyes IPO in 2021, will look to raise over Rs 1,460 crore: Report

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Founded in 2009, MobiKwik has raised $110 million in funding so far from marquee investors.

MobiKwik eyes IPO in 2021, will look to raise over Rs 1,460 crore: Report
Digital wallet and payment gateway start-up One MobiKwik System is targeting an initial public offering (IPO) before September, hoping to raise between $200 million to $250 million, approximately over Rs 1,460 crore.
The Gurgaon-based company is reportedly expected to file its draft red herring prospectus (DRHP) in May 2021, at a valuation of $1 billion. The company also intends to hold a pre-IPO funding round, which could give it a valuation of around $700 million, Bloomberg reported citing sources. "Details such as the size and timing of the fundraising could change," the source was quoted as saying. MobiKwik has not commented to the development.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik is one of India's leading fintech platforms and has raised $110 million in funding so far from marquee investors. The company aims to build a digital credit card for 100 million Indians.
A PwC report published last year stated that India is at the forefront of a digital payment revolution that will have a significant impact not only in the South Asia, but across the globe. The report also said that the value of transactions in India's digital payments market could reach Rs 163 lakh crore in 2022-23.
In such a situation, an IPO would a huge leap for MobiKwik, which has so far raised $110 million in funding from marquee investors. The company also claims that its payments network is one of the largest in India with 12.30 crore merchants and over 300 billers.
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