MobiKwik, an Indian monetary providers startup, has minimize the scale of its deliberate IPO for the third time, setting a worth band of ₹265-₹279 ($3.1-$3.3) that values it at $250 million — down sharply from its final personal valuation of $924 million in 2021.
The Gurugram-based fintech, backed by Peak XV and ADIA, is looking for to boost about $69 million within the IPO, nicely under the $255 million it initially targeted back in 2021. The IPO opens on December 11, and the inventory will begin buying and selling on December 18.
The 15-year-old startup operates probably the most broadly used cellular pockets apps in India. However it has struggled to keep up relevance after a government-backed protocol, UPI, noticed broader adoption. The corporate has raised greater than $268 million thus far.
MobiKwik says it can use the proceeds from the IPO to fund its development and to spend money on AI. The startup serves 161 million customers and 4.26 million retailers.
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