Payments platform MobiKwik raises $5.5 mn in pre-IPO round

Gurugram headquartered One MobiKwik Systems, which runs digital payments platform MobiKwik, has raised Rs 41.5 crore ($5.5 million) in the first tranche of a growth funding round.

The fresh capital from Hindustan Media Ventures, the venture arm of Hindustan Times, values the fintech firm at $380 million, Upasana Taku, co-founder of MobiKwik, told TechCircle.

The company has allotted 41,375 Series E CCPS at an issue price of Rs 10,030 per share to raise the amount, according to regulatory filings.

Additionally, the firm looks to raise Rs 120-150 crore within the next three months as part of the pre-IPO round.

“We are planning to hit the public markets in the next 12 months. At this point, we want to be the first publicly listed fintech company and the goal with the fresh pre-IPO capital would be to invest it in the right business segments. The capital will also go towards achieving right growth and revenue numbers, building the right team which can work towards a successful IPO,” Taku said.

The company has raised a total of $165.31 million so far, according to data on VCCEdge.

Earlier this year, MobiKwik raised $29.5 million in a combination of debt and equity issue from a Cayman Islands-based special purpose vehicle, MK SPV IX LP. In July last year, New Delhi headquartered broadcast major NDTV and Trifecta Capital infused $1.27 million in the company. 

Founded in 2009 by Taku and Bipin Preet Singh, Mobikwik provides financial services, including digital wallet, lending, insurance, investments in mutual funds, gold and payment gateway.