Mobikwik plots $100 million fundraise after delaying IPO

New Delhi: Gurugram-based fintech firm Mobikwik is in talks with investors to raise $100 million to expand its business amid a delay in its initial public offering (IPO) plans, Upasna Taku, cofounder of the company, told Bloomberg.

Mobikwik had filed draft papers for a Rs 1,900-crore IPO in July, which was approved by market regulator Securities and Exchange Board of India (Sebi) in October.

However, Paytm’s failed IPO in November and declining investor interest in startup IPOs forced the company to halt its listing plans. According to data from investment platforms that allow trading in private companies, the company’s unlisted shares had also taken a hit at the time.


Speaking to Bloomberg, Taku revealed that the company still plans to launch an IPO, but at a more opportune time. For now, it will deploy the fresh funding for marketing, hiring people and making acquisitions, he said. No decision has been taken on the valuation for the current funding round, Taku said.

Last valued at over $700 million, Mobikwik is one of India's largest buy now, pay later (BNPL) providers. It has over 100 million registered users, which it plans to grow in the coming months.