Peak XV fully exits Mobikwik in Rs 130 crore block deal

Early-stage investment firm Peak XV Partners has fully exited digital payments startup MobiKwik by selling all its shares for Rs 130 crore in a block deal, according to people aware of the transaction.

Peak XV Partners held around 7.7% stake in MobiKwik, amounting to more than 600,000 shares, which were sold at an average value of Rs 214.

The fintech startup announced on Monday that it had secured the non-banking finance company licence from the Reserve Bank of India.


On Tuesday, its shares closed at Rs 229 on the NSE.

Email queries sent to Peak XV Partners and Mobikwik remained unanswered.

Last September, Abu Dhabi Investment Authority had exited its 2.2% shareholding in Mobikwik for Rs 39 crore. Back then the shares were sold for Rs 238/share, according to bulk deals data released by NSE.

At the time of its listing, the company had planned to raise Rs 572 crore through fresh issue of shares and did not have any offer for sale component, indicating none of its investors were selling their shares.

According to shareholding details sourced from the stock exchanges as of March 26, beyond Peak XV Partners, the other institutional investors include Cisco Systems, American Express and Bajaj Finance with a 10% shareholding.

Times Internet owns a 1.9% stake in Mobikwik. Times Internet is the digital arm of The Times of India group, which also publishes The Economic Times.

Mobikwik operates a mobile wallet and offers UPI payments, besides credit and insurance products. In its December-quarter results, the company disclosed that it has around 186 million users and around 4.8 million merchants.

The company said it processed Rs 48,100 crore in gross merchandise value in the third quarter. For the December quarter, its operating revenue stood at Rs 288 crore and net profit at Rs 4 crore. A year ago, it had posted a net loss of Rs 55 crore.