Mobikwik Looks to Raise $100 Million

Share Us

610
Mobikwik Looks to Raise $100 Million
09 Jun 2022
6 min read

News Synopsis

Mobikwik, based in Gurugram, is in talks to raise $100 million due to a delay in its Initial Public Offering (IPO), according to Upasna Taku, founder and CEO of the digital payments company. Taku told Bloomberg that the company intends to use the new funds for marketing, hiring, and acquiring new businesses. She stated that the company has not yet determined the valuation for the current funding round.

In June of last year, the fintech startup raised $20 million from Abu Dhabi Investment Authority (ADIA) at a valuation of $700-$750 million. According to business insights platform Crunchbase, the payment service has so far raised $176 million in funding.

American Express, Bajaj Finance, Cisco System, Sequoia Capital, and Treeline Asia are among the investors who will sell a portion of their shares in the IPO. Through this IPO, the company hopes to raise Rs. 1,900 crore.

Taku confirmed that the company still intends to go public, but at a more appropriate time. Taku previously told Business Insider that the company has until November 2022 to pursue an IPO after receiving Securities and Exchange Board of India (SEBI) approval in November last year.

TWN News Network