Shares of digital funds agency MobiKwik surged 82% to ₹507.5 ($6) on their first day of buying and selling.
The Indian fintech’s $69 million IPO comes amid fierce competitors from bigger rivals, and it pushes MobiKwik’s market worth to $464 million, properly above its initial target of $250 million. This stays considerably decrease than the $924 million valuation the startup commanded throughout a non-public fundraising in 2021.
The Gurugram-based firm, based 15 years in the past by Upasana Taku and her partner Bipin Singh, has constructed considered one of India’s hottest digital pockets platforms. But, it has confronted challenges sustaining its market place following widespread adoption of UPI, a state-backed funds system that lets customers make funds to one another immediately and has thousands and thousands of customers.
Previous to its IPO, MobiKwik had raised over $268 million in funding from buyers, together with Peak XV and ADIA.
MobiKwik presently claims a consumer base of 161 million and serves 4.26 million service provider companions.
It’s the most recent Indian startup to go public in India’s red-hot IPO market. Greater than 20 Indian startups are planning to go public next year.
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