Gurugram headquartered One MobiKwik Systems, which operates digital payments platform MobiKwik, is set to raise Rs 149 crore ($20 million) from UAE-based sovereign wealth fund Abu Dhabi Investment Authority (ADIA) as it prepares for a public offering this year. The fresh capital for the company has come within two months of its last fundraise.
MobiKwik’s board has approved the allotment of 83,165 Series G preference shares and one equity share at the price share of Rs 17,916 per share to Abu Dhabi Investment Authority or ADIA to raise Rs 149 crore or $20 million, regulatory filings show.
According to Entrackr, MobiKwik had raised $5 million in April and $7 million in March this year from a slew of investors including Gaurav Dubey, Vijay Kedia, Bharat Vinod Daftari, Elizabeth Matthew, Leposhe Trading Enterprises, Mauryan First, and Orios Select Fund. Previously in December last year, it bagged about $1.5 million from Infosys co-founder Kris Gopalakrishnan’s family office Pratithi.
Founded in 2009 by Taku and Bipin Preet Singh, Mobikwik provides financial services, including digital wallets, lending, insurance, investments in mutual funds, gold, and payment gateway. It started a wealth management business in 2018 with the acquisition of Clearfunds and added insurance products to its offerings in 2019.
According to Fintrackr’s estimates, MobiKwik has raised the fresh money at a post-money valuation of Rs 5,365 crore or $736 million. This is a 47% jump in the Bipin Preet Singh-led company within two months. In April, it had raised $5 million from a clutch of investors at an estimated valuation of $500 million.
It’s worth noting that MobiKwik’s price per share has jumped from Rs 12,350 to Rs 17,916 in the fresh round within the two months.
Following the allocation of fresh shares, ADIA has acquired a 2.78% stake in MobiKwik and the collective stake of the co-founders of the company — Singh and Upasana Taku — has been diluted to 33.2%. As of March 2021, both held a collective stake of 34.96% in the company.