Having temporarily put aside its initial public offering (IPO) plans, Gurugram-based fintech company, Mobikwik is now working to raise funds to the tune of $100 Mn from various investors.
The digital payments firm will use the funds to not just hire people but also to procure new business, in addition to enhancing its marketing strategies and plans.
As per Bloomberg, the valuation of the funding round is yet to be revealed.
Co-founded by Upasna Taku, CEO, Mobikwik, the Company had managed to obtain $20 million in funding from Abu Dhabi Investment Authority (ADIA) in June 2021, at a valuation of $700-$750 million.
Till date, the firm has reportedly managed to raise about $176 million worth of funds.
The thirteen-year old fintech company runs a platform for multiple financial services including credit, insurance as well as gold loans and mobile recharges.
It had planned to launch its IPO in the first quarter of this year, but has postponed the same due to the uncertainty in the market.
Existing investors, including Sequoia Capital, Treeline Asia, Cisco Systems, American Express and Bajaj Finance are also to sell a portion of their shares in the IPO, through which Mobikwik reportedly hopes to raise about Rs 1,900 crores.
Many Mobikwik employees will become wealthy due to the IPO, on exercising their employee stock options. The firm has reserved about seven per cent of its equity for ESOPs in the IPO. Many of its employees are worth Rs 1 crore each, while some are even worth more than Rs 10 crore each.