India’s MobiKwik Eyes $84 Million with Peak XV’s Support in Upcoming IPO

Indian financial services startup MobiKwik seeks to raise about $84.2 million through issue of new shares in an initial public offering in the home market, it said in a draft prospectus filed with the local markets regulator Friday. This is the second time MobiKwik has filed the paperwork for an IPO. It does plan to raise about $16 million in a pre-IPO round, it said. SBI Capital and DAM Capital are the lead book running managers for the IPO process, the prospectus said. MobiKwik is the latest Indian startup that is looking to go public this year.

Indian financial services startup MobiKwik is embarking on a new adventure as it seeks to raise a staggering $84.2 million through the issue of new shares in an initial public offering on the home market. This exciting announcement was made in a draft prospectus that was filed with the local markets regulator on Friday.

Interestingly, this is actually the second time that MobiKwik has filed the paperwork for an IPO. Initially, the startup, which is backed by Peak XV and Abu Dhabi Investment Authority, had plans to raise about $250 million through the sale of both new and existing shares in 2021. However, due to worsening market conditions, these plans were put on hold.

In the new prospectus, which was filed by the 15-year-old company founded by husband-wife duo Bipin Singh and Upasana Taku, it was revealed that no existing shares would be sold in the IPO. However, the startup does plan to raise $16 million in a pre-IPO round.

The prospectus also disclosed that SBI Capital and DAM Capital will be acting as the lead book running managers for the IPO process.

MobiKwik is just one of the many Indian startups that are looking to go public this year. Ola Electric and FirstCry have both filed their draft prospectus for their own initial public offerings last month.

More to follow.

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Dylan Williams

Dylan Williams is a multimedia storyteller with a background in video production and graphic design. He has a knack for finding and sharing unique and visually striking stories from around the world.

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