IPO Alert: An Indian payment system and wallet startup may raise Rs 1,800 crore via IPO
IPO Alert: An Indian payment system and wallet startup may raise Rs 1,800 crore via IPO

Digital wallet and payments startup, One MobiKwik System is planning to hit the capital market before September. Through an initial public offering (IPO), the company could raise around $250 million (Rs 1800 crore), according to a Bloomberg report.

MobiKwik, founded by Bipin Preet Singh and Upasana Taku, is planning to file its draft IPO prospectus by May.

The Gurgaon-based company intends to hold a pre-IPO funding round that could give the startup a valuation of about $700 million, stated a source.

The payment company records more than a million transactions per day, across offerings including digital wallets and services such as mobile phone top-ups and utility bill payments, according to its website.

The company has raised USD 110 million in funding from marquee investors, the company website stated. MobiKwik’s payments network is one of the largest in India with 120 million users, 3 million merchants, and 300+ billers.

The company has pre-approved 20 million users for its Digital Credit Card aka Buy Now Pay Later 'BNPL' product – MobiKwik ZIP, which is available to users for making payments via the MobiKwik Wallet and the MobiKwik Blue Amex Card.

The company ventured into the Wealthtech space with the acquisition of Mumbai-based Clearfunds.

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