Before the arrival of MobiKwik IPO, the company has got another big investor. Abu Dhabi Investment Authority has bought minority shares for 150 crores. The value of the company has been put at more than 5000 crores.
The value of the company is estimated at $700 million.
Digital payments company MobiKwik is preparing to launch an IPO this year and before that it is continuously raising investments. United Arab Emirates (UAE) wealth fund Abu Dhabi Investment Authority has bought some stake in e-wallet company MobiKwik for about $ 20 million (Rs 150 crore).
The investment fund has valued the company at $700 million (over Rs 5000 crore). The company has raised Rs 235 crore since March this year. According to investment banking sources, the company is working towards bringing an IPO of Rs 1,200 crore (MobiKwik IPO). This initial public offering (IPO) may hit the market by September this year.
The company came into controversy in March
The company had landed in controversy in March this year when the personal data of about 10 million customers of the Gurugram-based company was allegedly stolen by hackers. According to the information given by MobiKwik to the Registrar of Companies (ROC), the value of the company increased to $ 700 million (about Rs 5,193 crore) with this investment by the Abu Dhabi Investment Fund Authority.
10 lakh transactions on a daily basis
MobiKwik says that its platform generates 1 million transactions on a daily basis. This includes digital wallets as well as other digital services such as mobile phone recharge, utility bill payments, etc. More than 3 million merchants are associated with its network and the total number of its users is close to 107 million i.e. 10.70 million. Price Water Cooper believes that India’s digital payments market will reach 163 lakh crores by the next financial year.
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