Banking Services

Peak XV-backed MobiKwik seeks to raise $84 million in India IPO

Indian financial services startup MobiKwik seeks to raise about $84.2 million through issue of new shares in an initial public offering in the home market, it said in a draft prospectus filed with the local markets regulator Friday.

This is the second time MobiKwik has filed the paperwork for an IPO. The startup, backed by Peak XV and Abu Dhabi Investment Authority, initially sought to raise about $250 million through sale of new and existing shares in 2021, but deterred the plans after the market conditions worsened.

The 15-year-old startup, founded by husband-wife duo Bipin Singh and Upasana Taku, doesn’t plan to sell any existing shares in the IPO, according to the new prospectus. It does plan to raise about $16 million in a pre-IPO round, it said.

SBI Capital and DAM Capital are the lead book running managers for the IPO process, the prospectus said.

MobiKwik is the latest Indian startup that is looking to go public this year. Ola Electric and FirstCry filed their draft prospectus for their initial public offerings last month.

More to follow.

 

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