Mobikwik Mobikwik plans to raise $100 million in equity after deferring IPO last year
Mumbai: One Mobikwik System is looking to raise $100 million in equity to finance business expansion, media reports said.
The Gurugram-based fintech firm is in talks with the investors after deferring its Initial Public Offering (IPO), Bloomberg reported.
The company's co-founder Upasna Taku said it would use the fund in hiring new talent, marketing, and acquisitions.
The IPO, slated last year, will take place at an opportune time, she said.
Mobiwik turned profitable for the first time in the third quarter of Fy22.
It postponed the IPO after Paytm's shares nose-dived following its listing in November on domestic bourses.
The fintech startup has emerged as one of the largest players in the 'buy now, pay later' space in India. It is backed by American Express Co and Sequoia Capital among others.
Last year, Mobikwik was valued at $700 million when it raised funds from Abu Dhabi Investment Authority, Taku said, adding that so far no decision has been taken on the valuation for the current funding round, according to the report.
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