To Promote economic development, Mobikwik Systems Ltd. is in conversations with investors to raise up to $100 million in stock.
The Gurugram-based fintech startup will utilize the funding for marketing, staffing, and acquisitions, according to co-founder Upasana Taku. She stated that the company still intends to proceed with the IPO at the proper moment.
Due to a drop in the value of larger rival Paytm’s shares, which went public in November, the business decided to postpone the IPO that was originally planned for last year.
The company, which ranks among India’s top suppliers of buy now, pay later services, is backed by Sequoia Capital and American Express Co. It already has more than 100 million members who have joined, and it plans to quickly grow its operations.
When Mobikwik received finance from the Abu Dhabi Financing Authority last year, it was valued at roughly $700 million. However, according to Taku, no decision has been taken regarding the valuation for the most recent investment round.
The Gurugram-based finance company offers digital wallets and mobile phone-based payment systems through its web services. In 2009, Bipin Preet Singh and Upasana Taku created the mobile wallet Mobikwik to offer its customers more convenience with digital payments.
Now included are bill payments, eCommerce purchases, food deliveries, gas stations, large retail chains, pharmacies, Kirana stores, and more use cases.
MobiKwik, a 2009-founded Indian business, provides a digital wallet and mobile phone-based payment system. The money that customers deposit to their digital wallets can subsequently be used to make transactions. The company received authorization from the Reserve Bank of India to utilize the MobiKwik wallet in 2013, and in May 2016 it began providing consumers with small loans as part of that service.
As of November 2016, the company estimates that 55 million customers and 1.5 million merchants used its service. The company has about 325 workers and operates in the consumer payments, fintech, and payment gateway areas. On April 1st, Mobikiwik abruptly stopped operating its digital wallet on all key cryptocurrency exchanges in India.
Mobikwik Wallet: What Is It?
In 2013, the Reserve Bank of India approved MobiKwik, a semi-closed wallet. The company might be able to circumvent the purportedly high failure rates of payment gateway transactions in India by creating marketplaces where clients can purchase goods and services from independent merchants. This is made possible by the RBI license.
With Whom Has Mobikwik Partnered With?
MobiKwik and Uber partnered in July 2015 to let Uber and its drivers accept debit and credit card payments using MobiKwik.
The MobiKwik and Google partnership launched a mobile recharge search feature in February 2020, allowing Indian users to recharge using Google search. The company had also built a biller stack so that e-commerce companies could add bill payment categories to their mobile apps.
Services of MobiKwik
In November 2016, MobiKwik released its MobiKwik Lite mobile app with the goal of attracting residents of remote locations and users of 2G cellular networks.
On November 8, IDFC Bank and MobiKwik established a strategic partnership in order to roll out a co-branded virtual Visa prepaid card for Mobikwik members. On May 28, 2020, Mobikwik was removed from the Google Play Store due to a connection to Aarogya Setu.
A public offering known as an initial public offering or stock launch involves the sale of company shares to institutional investors as well as to regular investors. Investment banks typically underwrite initial public offerings and manage the shares’ listing on various stock markets.
A privately held firm becomes a public company by this procedure, which is also known as floating, going public, or going public. Initial public offerings (IPOs) are a way for businesses to raise equity capital, to monetize private shareholder assets, and to make existing holdings and future capital raising simpler to trade by going public.
Preet Singh and Upasana Taku.
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