MobiKwik Turns Unicorn Ahead of Its IPO

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MobiKwik Turns Unicorn Ahead of Its IPO

By Malvika Gurung

Investing.com -- Ahead of its IPO, the digital payment company MobiKwik becomes the 33rd unicorn of this year, its valuation crossing the $1 billion mark.

The development comes after the head of former Blackstone (NYSE: BX ) India, Mathew Cyriac led a secondary sale of shares, wherein the employees of the fintech (MobiKwik) exercised their employee stock ownership plan, ESOP.

“The secondary round was led by ex-Blackstone India Head Mathew Cyriac who topped up his holding at almost double the previous price,” said sources privy of the matter.

Earlier this week, Mobikwik received a nod from the market regulator (SEBI) over plans to raise a Rs 1,900 crore initial public offering, along with an OFS worth up to Rs 400 crore and a primary issue of shares worth Rs 1,500 crore.

The shareholders known to be participating in the fintech startup’s OFS include co-founders of Bajaj Finance (NS: BJFN ), American Express (NYSE: AXP ), Sequoia Capital, Bipin Preet Singh and Upasana Taku (co-founders of MobiKwik), Cisco (NASDAQ: CSCO ) Systems, and Teeline Asia.

Mobikwik also revealed last month that its upcoming IPO would create seven billionaire employees with each having a net worth of at least Rs 10 crore. 

The fintech company is looking at an IPO valuation of $1.5-1.7 billion and is expected to list on the stock exchange before Diwali.

The valuation of the startup has spiked significantly since its Series G funding round (last funding round) when it raised Rs 149 crore ($20.4 million) from the UAE-based Abu Dhabi Investment Authority.

At present, MobiKwik boasts a user base of 101 million and has onboarded more than 30 lakh merchants on its platform.

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  • Vishnu VV @Vishnu VV
    Thanks. Please share who are listed firms that Mobikwik has ties-up with? 😀
    Like 0

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