Mobikwik raises $7.2 mn before going for an IPO

Mobikwik raises $7.2 mn before going for an IPO


Digital payments stage Mobikwik has brought $7.2 million up in what gives off an impression of being a financing round for the Gurugram-based company prior to going for a first sale of stock. 

Mobikwik has endorsed the allotment of 42,159 preference shares at an issue price of Rs 12,450 for every offer to raise Rs 52.5 crore or $7.2 million, administrative filings show. The filings further mirror that this gather pledges is IPO explicit and it will be utilized for posting costs and the company will bring more up in this pre-IPO round. 

As of now, in excess of 10 financial backers have partaken in the round in which Elizabeth Matthew has placed in Rs 15 crore or $2.02 million followed by Mauryan First and Orios Select Fund with Rs 9 crore or $1.23 million and Rs 7.5 crore or $1.02 million individually. Vineet Sharma and Gaurav Dubey have contributed Rs 7.31 crore or $1 million each in this round. 

The advancement comes when Mobikwik is purportedly focusing on an IPO by September. According to a Bloomberg report, the company is wanting to document its draft IPO prospectus by May and it means to hold a pre-IPO round that will push the company's valuation to $700 million. 

According to Dailymint's evaluations, Mobikwik has arrived at a post-cash valuation of Rs 3,572 crore or $493 million after the most recent tranche. Mobikwik had brought its last financing up in December 2020 in which the company raised Rs 52 crore drove by Hindustan Media Ventures. During the round, the company's pre-cash valuation was assessed in the scope of Rs 2,575-2,650 crore or $358-368 million. 

Dailymint has likewise decoded Mobikwik's present shareholding design. Co-founders Bipin Preet Singh and Upasana Taku hold 20.45% and 14.51% stake in the company individually. Sequoia Capital is the biggest partner in Mobikwik among financial backers with a 17.37% holding followed by Bajaj Finance's 13.41% stake.

Net1 Payments is another financial backer that holds a two-digit value stake in Mobikwik at 10.87% while the remainder of the financial backers control under 5% stake in the company. 

While Mobikwik eyes benefit in FY22, the company enrolled a 134% flood in net income to Rs 379 crore in FY20. According to Taku, the company enlisted a money loss of Rs 9 crore in FY20 as compared to Rs 98 crore in FY19. The financials for FY21 is on the way.