MobiKwik In Talks With Funds, Family Offices For Fresh Fundraise
Digital payments company MobiKwik, which is keen to evaluate acquisition opportunities, is likely looking at a fresh round of equity funding to fuel its inorganic growth plans. MobiKwik, operated by Gurugram-based One Mobikwik Systems Ltd, last raised equity capital in June 2021 when it snagged $20 million from Abu Dhabi Investment Authority, the emirate’s sovereign wealth fund.
The company is now possibly looking at raising nearly $50 million (Rs 409 crore) in funding, the people cited above said, asking not to be identified. They said the payments company could be seeking a valuation of $750 million (Rs 6,147 crore) in the new round. That’s above the $700 million tag it got in the ADIA-led round two years ago. However, the company raised a small amount of capital earlier this year from debt investor BlackSoil at a higher valuation.
The company concluded last fiscal year with revenue of Rs 560 crore, growing about 6% over the previous year. For the current year, it is aiming for growth of about 80%. It is also aiming to turn profitable for the current fiscal year. MobiKwik competes with the likes of Paytm, PhonePe, BharatPe, Google Pay, Axis Bank-owned Freecharge and Naspers-owned PayU in the payments space and others such as Slice, Moneytap, Kissht and Moneyview in the lending business.
MobiKwik in talks with funds, family offices for fresh fundraise (vccircle.com)
