NewsUpdate

Mobikwik raises $20 million from ADIA, valuing the company at $700 million

Valuing the digital payments company at over $700 million ahead of its planned public offering later this year, Mobikwik has received a $20 million (Rs 150 crore) investment round from the Abu Dhabi Investment Authority (ADIA), according to regulatory documents.

The Series G investment comes after the company secured $5 million from a group of investors only a few months ago. Bipin Preet Singh and Upasana Taku, the firm’s founders, now hold about 33.2 percent of the company, while Abu Dhabi’s sovereign wealth fund has purchased a new minority interest of 2.7 percent.

Mobikwik’s valuation has increased by over 50% in only three months as a result of the additional financing.

By the end of 2021, the firm stated that it has plans to go public and that it is seeking funds to cover listing costs.

The Gurugram-based firm has yet to file a red herring document or set a timeframe for a public offering. Several start-ups, including Both Zomato and Paytm, have started their public listing procedures, which they want to finish by the end of the year.

As a result of the Covid-19 pandemic-driven digitization of the consumer sector, firms like Mobikwik have seen a significant increase in digital payments in India.

Including UPI, digital wallet, and bill payment services Mobikwik, processes over one million cash activities throughout its network, according to the sources.

Sanskriti

Sanskriti loves technology in general and ensures to keep TheDigitalHacker audience aware of the latest trends, updates, and data breaches.
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