- Indian fintech MobiKwik seeks to raise about $84 million in a local IPO by issuing new shares.
- MobiKwik, providing digital payments and lending to 146 million users since 2008.
- Joining other Indian startups pursuing IPOs amid market weakness, MobiKwik had postponed a larger 2021 IPO attempt due to
MobiKwik’s IPO
Indian financial services startup MobiKwik aims to raise about $84 million by issuing new shares in an initial public offering (IPO) on the local stock market.
MobiKwik provides digital payments, lending, insurance, and wealth management products to over 146 million registered users.
Backed by investors like Peak XV and American Express, MobiKwik sought a larger IPO in 2021 but postponed amid unfavorable conditions.
The current proposed IPO will not involve existing shareholders selling shares. MobiKwik continues strong growth – its buy-now-pay-later offering Zip saw credit disbursals rise 21x over two years.
Expansion of services
As a mobile wallet provider since 2008, MobiKwik has expanded into additional financial services, including loans, merchant cash advances, and insurance distribution.
It leverages its large user base to cross-sell new offerings, with total transaction values across products more than doubling since 2021.
MobiKwik turned profitable in the September 2023 quarter with $1.1 million in net income, a positive sign for the IPO. Proceeds will likely fund user and product growth.
MobiKwik joins other Indian startups like Ola Electric and FirstCry, pursuing IPOs this year despite broader market weakness.
