Digital Payments App Mobikwik All Set To File DRHP Amid IPO Plans
- ByStartupStory | July 10, 2021
Digital payments app Mobikwik, all set to file DRHP amid IPO plans, according to an inside source. The development comes at a time, when rival group paytm has also planned its IPO in November, will also be soon filing DRHP. A host of other Indian Startups are looking forward to going public by the end of this year, and Mobikwik is part of that list now. Zomato’s public issue is slated for July 14-16, with the online food delivery firm looking to raise as much as Rs 9,375 crore. Mobikwik has completed all documentation, and will soon submit the papers to Securities and Exchange Board of India (Sebi) soon. And it is only a matter of a few days before Mobikwik declares their official IPO date.
Last month, the Gurugram-based firm closed a $20 million (Rs 150 crore) funding round from Abu Dhabi Investment Authority (ADIA), valuing it at $700 million. Mobikwik may seek a valuation of $1 billion for the IPO, sources said. Mobikwik was founded in 2009 by Bipin preet Singh and wife Upasana Taku, and over the years has raised over $165 million, according to startup data platform Crunchbase. This amount also includes debt and equity funding. Singh and ATku own about 33.2% stake in the company. Mobikwik is said to be conducting over one million daily transactions across its network, including on its digital wallet, UPI and bill payment services. The company, which also counts Sequoia Capital among its investors, became an aggregator of mutual funds and small-ticket credit services. Mobikwik has said that it has over three million merchants on its network and serves over 107 million users.
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