MobiKwik Nears Filing for $300 Million IPO

The Gurgaon-based start-up MobiKwik has plans to lodge the listing documents with the Indian securities regulator as soon as the next few days, the people said, asking not to be identified because the information is private.

Bipin Preet Singh, the cofounder of Mobikwik said, last month, the company had closed a $20 million (Rs 150 crore) funding round from Abu Dhabi Investment Authority (ADIA), valuing it at $700 million.

It could seek a valuation of around $1 billion from the offering. The company will raise about $250 million of fresh funds from the offering, while MobiKwik’s current backers are considering selling about $50 million of existing stock.

The company had founded in 2009 by Singh and wife Upasana Taku, the company has raised over $165 million, it includes equity and debt funding. Both Singh and Taku collectively own about 33.2% stake in the company.