MobiKwik turns unicorn ahead of IPO
Fintech startup Mobikwik has turned a unicorn ahead of its IPO after a secondary ESOP sales round led by Mathew Cyriac (former head, Blackstone India) as per a report.
MobiKwik employees utilised their ESOPs (employee stock ownership) in an open window by selling part of their shares in a secondary sale. The ESOP round has, allegedly, brought the company’s valuation to $1 billion.
Under its ESOP 2014 Scheme, MobiKwik had reserved 4.5 million equity shares for creating a pool of ESOPs for the benefit of their employees. The number of equity shares that would arise from the options granted implied 7 percent of the fully diluted outstanding shares as per MobiKwik chairperson, co-founder and COO Upasana Taku.
The startup has planned an IPO of shares aggregating to Rs 1,900 crore after recent SEBI approval. According to the draft red herring prospectus (DRHP) filed in May this year, the fintech platform has a user base of over 101.37 million registered users and more than 3.44 million online, offline and biller merchant partners.
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