• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Friday, June 20, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home India News

Mobikwik all set to file its DRHP with SEBI for its upcoming IPO, reports

by Balraj
July 9, 2021 - Updated On July 11, 2021
in India News, Markets, News
Reading Time: 2 mins read
0
Mobikwik Logo on watercolor abstract background

Logo: Mobikwik | Background created by freepik

TwitterWhatsappLinkedin

Mobikwik, a digital payments startup based in Gurugram, has started to gain traction in its ambitions to go public in the coming months with the company preparing to file the IPO draft red herring prospectus (DRHP) with SEBI in the next few days. With this initial offer, the company aims to raise $300 million at a $1 billion value, according to Bloomberg’s report.

You might also like

Heineken Bets Big on India: ₹3,000 Cr Digital Hub in Hyderabad to Create 3,000 Jobs

Canada Warns of Higher Tariffs on US Steel and Aluminum Without Trade Deal

Court Orders Release of Nirav Modi’s ₹66.33 Crore Assets to Punjab National Bank

MobiKwik secured $20 million from the UAE’s Sovereign Wealth Fund, Abu Dhabi Investment Authority, last month. The ADIA has acquired a minority stake in the fintech startup which is currently valued at $700 million. Bipin Preet Singh and Upasana Taku, the company’s founders, now own around 33.2 percent of the company, alongside Abu Dhabi’s sovereign wealth fund acquiring a new minority stake of 2.7 percent.

Mobikwik Logo on watercolor abstract background
Logo: Mobikwik | Background created by freepik

The fintech firm stated in September 2020 that it had initiated the process of going public by the end of 2022. Senior Vice President Chandan Joshi was promoted to the Co-Founder of the company as part of this process. The digital payments startup, Mobikwik was started in the year 2009 by Bipin Preet Singh and Upasana Taku. Initially, it originated as a digital wallet service to pay mobile recharges and bills but has since evolved into a broad fintech platform that provides a variety of financial services to its customers, including credit, insurance, and gold loans.

Mobikwik claims to have issued over 19 lakh loans through its Digital Credit Line, which transfers cash to users’ wallets instantly. In 2018 it purchased Clearfunds based in Mumbai, in order to invade the wealth management industry via mutual funds. Speaking on fundraising, Mobikwik has raised around Rs. 223 Cr (~ $29.56 million) till date from investors including MK SPV IX, a Cayman Island-based LP, Sequoia Capital, American Express, Bajaj Finserv, among others.

The Gurugram firm expects to raise fresh funds worth $250 million through its Initial Public Offering (IPO), whereas MobiKwik’s existing shareholders intend to sell approximately $50 million of their stocks. As a response to the Covid-19 pandemic-driven digitalization of the consumer economy, companies like Mobikwik have seen a significant increase in digital payments across India.

Earlier this year, MobiKwik was also in the limelight after it was reported that sensitive personal data including credit card details, Aadhaar numbers, passports, and mobile numbers of millions of its customers had been breached and sold on the dark web. The Reserve Bank of India, on the other hand, has initiated an investigation into the incident. However, the company has denied such a breach existed.

For context, Mobikwik’s platform handles approximately one million daily transactions, including digital wallet, UPI, and bill payment services. It also claims to accommodate over 107 million users and has over three million merchants on its platform.

Tags: American ExpressBajaj FinservDigital PaymentsDigital WalletDRHPFintech StartupIPOMobikwikSEBISequoia CapitalUPI payment
Tweet54SendShare15
Previous Post

Harley Davidson unveils LiveWire One at $21,999 in the US

Next Post

Tesla Giga Berlin being investigated by state environmental agency for illegal refrigerant tank

Balraj

Balraj writes about Startup, Business, Technology related news on Techstory... For Business Enquires related to TechStory; Get in touch on: [email protected]...

Recommended For You

Heineken Bets Big on India: ₹3,000 Cr Digital Hub in Hyderabad to Create 3,000 Jobs

by Ishaan Negi
June 20, 2025
0
Heineken Bets Big on India: ₹3,000 Cr Digital Hub in Hyderabad to Create 3,000 Jobs

In what’s being hailed as a landmark moment for India’s booming digital economy, Dutch brewing titan Heineken N.V. is pouring in a massive ₹2,500–3,000 crore to set up...

Read more

Canada Warns of Higher Tariffs on US Steel and Aluminum Without Trade Deal

by Rounak Majumdar
June 20, 2025
0
Canada Warns of Higher Tariffs on US Steel and Aluminum Without Trade Deal

Canada has issued a strong warning to the United States, threatening to impose higher tariffs on American steel and aluminum imports if a new trade agreement is not...

Read more

Court Orders Release of Nirav Modi’s ₹66.33 Crore Assets to Punjab National Bank

by Rounak Majumdar
June 20, 2025
0
Court Orders Release of Nirav Modi’s ₹66.33 Crore Assets to Punjab National Bank

According to the Prevention of Money Laundering Act (PMLA), a special court has permitted the release of assets valued at ₹66.33 crore that were previously attached to Punjab...

Read more
Next Post
Tesla Giga Berlin being investigated by state environmental agency for illegal refrigerant tank

Tesla Giga Berlin being investigated by state environmental agency for illegal refrigerant tank

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?