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Exclusive: MobiKwik raises $20 Mn from Abu Dhabi Investment Authority

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Digital payments platform MobiKwik has raised fresh funds to the tune of $20 million from sovereign wealth fund Abu Dhabi Investment Authority. The fresh capital for the Gurugram-based company has come within two months of its last fundraise. 

MobiKwik’s board has approved the allotment of 83,165 Series G preference shares and one equity share at the price share of Rs 17,916 per share to Abu Dhabi Investment Authority or ADIA to raise Rs 149 crore or $20 million, regulatory filings show. 

According to Fintrackr’s estimates, MobiKwik has raised the fresh money at a post-money valuation of Rs 5,365 crore or $736 million. This is a 47% jump in the Bipin Preet Singh-led company within two months. In April, it had raised $5 million from a clutch of investors at an estimated valuation of $500 million.

It’s worth noting that MobiKwik’s price per share has jumped from Rs 12,350 to Rs 17,916 in the fresh round within the two months.

Following the allocation of fresh shares, ADIA has acquired a 2.78% stake in MobiKwik and the collective stake of the co-founders of the company — Singh and Upasana Taku — has been diluted to 33.2%. As of March 2021, both held a collective stake of 34.96% in the company.

The fresh funding appears to be a part of a pre-IPO round. In its regulatory filings in March, the company had said that the ongoing fundraise was IPO specific for listing expenses and will raise more in this pre-IPO round.

According to a Bloomberg report from March, MobiKwik is to file its draft IPO prospectus by May and go IPO by September. The report also added that it intends to hold a pre-IPO round at a valuation of $700 million. While the company has crossed the $700 million valuation mark, it is yet to file its draft red herring prospectus or DRHP.

In the past couple of months, the Indian startup ecosystem has seen a lot of IPO related activity. Foodtech platform Zomato and automobile classifieds portal CarTrade had filed their DRHP in April and May respectively.

Digital payments platform Paytm is also planning to go public in 2021. On Monday, Paytm said that it has received in principle approval from the board of directors to undertake an IPO.

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