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Miguel Cordon · · 1 min readSources: MobiKwik targets up to $250m in IPO on Indian exchange
“One MobiKwik System, the Indian digital wallet and payments startup, is targeting an initial public offering before September that could raise between US$200 million and US$250 million,” Bloomberg reported, citing sources familiar with the development.
Details:
- The fintech firm is looking to file its draft prospectus for the potential initial public offering in Mumbai by May, which could value MobiKwik at over US$1 billion, the sources said.
- MobiKwik is also looking to conduct a pre-IPO round that could net it a valuation of roughly US$700 million, the people added. However, the company still hasn’t finalized the funding round’s size and timing.
Context:
- MobiKwik offers a payment system and digital wallet to record over a million transactions per day.
- The startup, which counts companies such as Sequoia Capital and Bajaj Finance as backers, has over 3 million merchants and serves more than 107 million users.
Editing by Collin Furtado
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