Mobikwik files DRHP to raise $250 Million through IPO

FinTech startup Mobikwik, which had raised about $250 million in DRHP in its IPO as the stock market became volatile, is now looking to raise money in the private market.

Upasana Taku, the co-founder of Mobikwik has said that the company will raise private money but it is not in dire need. The business was profitable for the first time in the December quarter on a tipline of around Rs 150 crore and that will be maintained in the March quarter as well. 

The growth came on back of a surge in usage of its BNPL as disbursals grew 840% to Rs 1,858 crore during the period. At present, the BNPL segment contributes around 20% to the company’s revenue stream – and the share is expected to rise over the next few quarters.

Earlier, fintech companies postponed their listing plans in November last year after Paytm made its struggling public debut. It was approved for listing by SEBI on October 7th. Mobikwik has raised $20 million from Abu Dhabi Investment Authority in the last round of funding, commanding a valuation of about $750 million.