Indian financial services firm MobiKwik looks to raise $255 million in IPO – TechCrunch

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Gurgaon-based cell pockets service agency MobiKwik plans to boost as much as $255 million in an preliminary public providing, changing into the most recent Indian startup to discover the general public markets.

The 12-year-old agency, which counts Sequoia Capital India and Abu Dhabi Funding Authority amongst its buyers and has raised about $250 million so far, plans to supply new shares of as much as $201 million and promote as much as $54 million value of fairness shares, in keeping with papers submitted to the market regulator on Monday.

The agency, which permits customers to pay digitally and likewise cross-sells small sachet of insurance coverage and loans in addition to offers them with American Categorical-powered bank cards, is concentrating on a valuation of about $1 billion within the IPO, in keeping with two folks conversant in the matter.

“We imagine our key aggressive benefits embody our potential to (i) cross-sell; (ii) leverage information science and expertise; and (iii) effectively handle threat,” wrote MobiKwik in papers submitted to the market regulator on Monday. (Picture: MobiKwik)

MobiKwik, which has amassed over 101 million registered customers and three.44 million on-line, offline and billing service provider companions, stated its whole revenue for the monetary 12 months that led to March 2021 was about $40.5 million, down 18%, whereas its loss additionally shrank 12% to $14.9 million throughout the interval.

MobiKwik’s transfer comes as a handful of Indian startups together with Zomato and Paytm are working to record on inventory exchanges. Zomato, a meals supply startup in India, final week boosted its plan to boost $1.three billion in its preliminary public providing, which opens on July 14 and closes July 16.

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