Gurugram Based IPO-Bound Mobikwik Raises $20 Million From Abu Dhabi Investment Authority At $700 Mn Valuation

Ahead of the talks about homegrown fintech start-up Mobikwik's initial public offering (IPO), the Abu Dhabi Investment Authority (ADIA) has lapped up a minority stake in the company for nearly $20 million at a valuation of $700 million, reports Economic Times.

Gurugram-based start-up is said to be working on a Rs 1,200 crore primary share sale via the IPO route by coming September.

It should be noted that the company has already raised as much as Rs 235 crore since March 2021 from notable investors like ex-Blackstone India head Mathew Cyriac, Padma awardee Sat Pal Khattar, and former Infosys Chief Investment Officer VG Dheeshjith. Its other investors include Sequoia Capital and Bajaj Finance.

The start-up claims to conduct one million daily transactions across its network, including digital wallets and services like mobile phone recharge and utility bill payments. It also boasts of having over three million merchants on its network and serves over 107 million users.

Mobikwik was founded in 2009 by Bipin Preet Singh and Upasana Taku.