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.
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.
It is a creating story. Extra to comply with…