IPO-bound MobiKwik raises $5 Mn; valuation touches $500 Mn mark

Digital payments platform MobiKwik has raised $5 million or Rs 40 crore from a clutch of investors, regulatory filings show. With this, the Gurugram-based company has raised $12 million in the past three weeks with $7.2 million raised in March.

The IPO-bound company has approved the allotment of 32,104 preference shares at a face value of Rs 100 per share and a premium of Rs 12,350 per share to raise the sum.

Over 15 investors participated in the fresh round in which Gaurav Dubey invested Rs 7.31 crore followed by Chennai-based Leposhe Trading Enterprises which invested Rs 7.3 crore. Vijay Kedia and Bharat Vinod Daftari chipped in with Rs 3.65 crore and Rs 3 crore respectively. 

Mumbai-based Negen Capital Services has invested Rs 2 crore whereas Deepan Kapadia invested Rs 1.85 crore. Both Madhav Srihari and Sundar Ram Enterprise invested Rs 1.82 crore each. Dosch Pharmaceuticals and Gurunathan Gopalan added Rs 1.80 crore each. 

According to Fintrackr, MobiKwik has been valued between $498 to $510 million after this infusion. The company was valued over $490 million after the March fundraise. 

In its filings last month, MobiKwik said that the ongoing fundraise was IPO specific and it will be used for listing expenses and the company will raise more in this pre-IPO round.

The development comes at a time when MobiKwik is targeting an IPO by September. According to a Bloomberg report, the company is planning to file its draft IPO prospectus by May and it intends to hold a pre-IPO round that will push the company’s valuation to $700 million.

It would be one of the many companies including Zomato, Lenskart, Grofers and Nykaa, who are set to go public in 2021.

Last month, MobiKwik had come under the scanner after sensitive personal data such as credit card details, Aadhaar numbers, passports, and mobile numbers of millions of its users was claimed to have been breached and put up for sale on the dark web. 

The company had also drawn the ire of the Reserve Bank of India following the security mishap as the central bank ordered the company to immediately carry out a forensic audit of its systems by a certified auditor.