Fintech MobiKwik Files DRHP With SEBI To Raise Rs 1,900 Crore

• ByStartupStory     |    July 28, 2021

One MobiKwik Systems Ltd has filed its draft red herring prospectus (DRHP) in connection with its initial public offering (IPO) with the Securities and Exchange Board of India (SEBI). The IPO offer size is up to Rs 1,900 crore comprising a fresh issue of equity shares of up to Rs 1,500 crore and an offer for sale of equity shares by certain shareholders of up to Rs 400 crore. The company said it may consider a pre-IPO placement of equity shares of up to Rs 400 crore. ICICI Securities, BNP Paribas, Credit Suisse Securities India, IIFL Securities and Jefferies India are book running lead managers to the IPO.

Launched in 2009 by Bipin Preet Singh and Upasana Rupkrishan Taku, MobiKwik is one of the largest mobile wallets and buy now pay later (BNPL) players in India. The company leverages big data analytics and deep data science to address unmet credit needs of the fast growing digitally paying users by combining the convenience of everyday mobile payments with the benefits of BNPL. MobiKwik has raised around 35 million dollars since the beginning of 2021 with the most recent fundraise of 20 million dollars.

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