MobiKwik, an Indian monetary providers startup, has reduce the scale of its deliberate IPO for the third time, setting a value band of ₹265-₹279 ($3.1-$3.3) that values it at $250 million — down sharply from its final personal valuation of $924 million in 2021.
The Gurugram-based fintech, backed by Peak XV and ADIA, is looking for to lift about $69 million within the IPO, effectively under the $255 million it initially focused again in 2021. The IPO opens on December 11, and the inventory will begin buying and selling on December 18.
The 15-year-old startup operates one of the extensively used cellular pockets apps in India. But it surely has struggled to keep up relevance after a government-backed protocol, UPI, noticed broader adoption. The corporate has raised greater than $268 million so far.
MobiKwik says it should use the proceeds from the IPO to fund its development and to put money into AI. The startup serves 161 million customers and 4.26 million retailers.
