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Mobikwik Intends To Raise $100 Million Since Postponing Its Scheduled Ipo

MobiKwik is a financial technology service that enables client transactions, payment processing solutions, and financial and insurance solutions. Following the postponement of its initial stock offering, the corporation is in talks with shareholders to raise $100 million in capital to fund corporate developments.

Previously, According to MobiKwik, the mobile payments company’s Co-founder Upasana Taku Mobikwik has raised $100 million and $150 million in funding that would value the firm at more than $1 billion.

With 120 million customers, 3 million retailers, and 300+ collection agencies, MobiKwik’s transaction infrastructure has become one of the strongest in India. The company’s objective is to create available and effective electronic banking services for a billion Indians. 

Recent News

After delaying an initial capital raise, the organization is in negotiations with shareholders to raise up to $100 million in investment to fund corporate expansion, according to one of the company’s founders. The cash will also be used for branding, hiring, and mergers by the Gurugram-based fintech startup, which went lucrative for the very first time in the quarter that ended Dec. 31, according to co-founder Upasana Taku in a conversation in Mumbai.

She says that the company intends to proceed with the IPO at an appropriate time. Following a drop in the stocks of bigger challenger Paytm, which went live in November, the company postponed its planned IPO for last year. According to statistics from financial portals that allow buying in private corporations, unregistered assets of Mobikwik bore the brunt of the tech sector’s implosion.

About MobiKwik

Bipin Preet Singh and Upasana Taku established the business in 2009, and it has garnered over $100 million in financing from prominent financiers. MobiKwik is the first truly Indian financial app, with a 60% Indian shareholding. With its roots in transactions, the industry has diversified into a full-stack financial technology platform delivering financial products.

MobiKwik has granted 19 lakh loans through its Digital Line of Credit since 2018, which sends funds directly to the user’s wallet. With the takeover of Mumbai-based Clearfunds, the company entered the mutual fund industry.

MobiKwik launched the payment processing affiliate Zaakpay in 2012 to improve the customer value proposition for their online retailers. Zaakpay allows online websites and mobile apps to receive money from their consumers via various payment methods, including debit cards, credit cards, digital payments, UPI, and net banking.

They introduced MobiKwik Zip, their main BNPL service, in May 2019, emphasizing the Indian middle-class market, allowing people to make transactions for everyday use cases above data-based russelltechcrunch.

MobiKwik Zip is dedicated to offering this underserved Indian community their first financial experience. They are a technology-first business that provides big data analytics and powerful data science (including machine learning) to consistently amuse its platform’s consumers and vendors.

Financial And Funding

MobiKwik has secured $181.2 million in fundraising over 19 rounds. Their most recent capital came from a borrowed funds round on August 4, 2022. MobiKwik has received funding from 34 contributors. The most prominent partners include BlackSoil and the Dubai Financial Services Authority. On October 12, 2018, MobiKwik purchased Clearfunds.

Services Offered By Mobikwik

MobiKwik now allows you to make quick payment transactions or recharges. When you have funds in your MobiKwik account, it only takes a couple of seconds to recharge your phone, data connection, or DTH! Not only that, but you may also pay all of your power bills, such as electricity, gas, drinking, health care premiums, broadband, and so on, from just about anywhere, at any time.

Use MobiKwik to make immediate payments and enjoy the finest discounts and rewards deals every time you pay. So, all you have to do is install the MobiKwik app and the rest will be taken good care of.

MobiKwik not only permits its users to send money and save on online purchases; it also provides investment management and banking services. Index funds, digital gold, instantaneous loans, financial transactions, pay later, and more facilities are offered. Consumers can engage in the correct mutual fund with MobiKwik, commencing at just 100, allowing them to take small steps and develop their investment strategy with a wide range of investment possibilities.

Also, with MobiKwik’s spend now, pay later option – ZIP, one may acquire a tax credit of 30,000 for ZERO charges to purchase, pay bills, and do a variety of other things, making it easier for consumers to handle cash constraints.

Conclusion

MobiKwik is primed and ready to benefit from the growing popularity of mobile wallets, which shows no indication of abating. As we move forward toward a compensation system that is increasingly based on internet platforms, MobiKwik has a lot of potentials to emerge as a trusted brand in the e-commerce financial sector.

FAQs

What is MobiKwik?

MobiKwik is a financial technology service that enables client transactions, payment processing solutions, and finance and insurance solutions.

How many customers does it have?

MobiKwik has 120 million customers.

When was it founded?

Bipin Preet Singh and Upasana Taku established the business in 2009.

How much money has it secured till now?

MobiKwik has secured $181.2 million in fundraising over 19 rounds.

What was their most recent acquisition?

On October 12, 2018, MobiKwik purchased Clearfunds.

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