Samreen Ahmad · · 1 min readIndian fintech startup to raise $100m amid delayed IPO plans
MobiKwik, an India-based fintech startup, is in discussion to raise US$100 million, its co-founder Upasana Taku told Bloomberg.
The development comes amid the company’s plans to delay its listing. MobiKwik filed its draft red herring prospectus with India’s market regulator in July 2021 for a nearly US$250 million IPO.
The company plans to use the fresh funding for marketing, hiring, and inorganic expansion. Without giving a timeline, Taku said MobiKwik will launch its IPO at “a more opportune time.”
Like MobiKwik, several tech startups such as PharmEasy, Oyo, and FirstCry have also deferred plans for listing amid volatile market conditions.
See also: The leading Asian tech players eyeing an IPO in 2022 and beyond (Updated)
Editing by Miguel Cordon and Lorenzo Kyle Subido
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