IPO-bound Indian fintech startup MobiKwik appoints 4 independent directors

India-based fintech startup MobiKwik has appointed four new independent board of directors following the filing of its draft red herring prospectus (DRHP) with the country’s market regulator last month.

MobiKwik cofounders Upasana Taku (left) and Bipin Preet Singh / Photo credit: MobiKwik

The appointments include Punita Kumar Sinha, former senior managing director of Blackstone; Navdeep Singh Suri, former India ambassador to Egypt and United Arab Emirates; Sayali Karanjkar, co-founder of PaySense; and Raghu Ram Hiremagalur, chief technology officer at LinkedIn.

The appointments take the company one step closer to being the first fintech company to do an initial public offering in India, said MobiKwik in a statement.

The IPO-bound company claims profitability at the segment level across its three segments: consumer payments business, payment gateway services, and revenue earned from its buy now, pay later financial product.

MobiKwik has seen a revenue growth of 37% in the last two years. There are over a 100 million registered users and 3.4 million merchants on its platform, according to the company.

Its IPO offer size is up to 19 billion rupees (US$255 million) comprising a fresh issue of equity shares of up to 15 billion rupees (US$202 million) and an offer for sale of equity shares by certain shareholders of up to 4 billion rupees (US$53.8 million).

See also: Beyond FOMO: Why Grab should race to an IPO fast

Apart from MobiKwik, other Indian startups that are looking to list include online beauty marketplace Nykaa, travel aggregator Ixigo, and online insurance player PolicyBazaar’s parent PB Fintech, which have also filed their DRHPs recently.

Currency converted from US dollar to Indian rupees: US$1 = 74.14 rupees.