slated for later this year.
The Series G round comes just months after it
raised $5 million from a clutch of investors.
The new funding has seen Mobikwik’s valuation jump by nearly 50% within three months.
Founders Bipin Preet Singh and Upasana Taku now collectively own about 33.2% stake in the company, whereas Abu Dhabi’s sovereign wealth fund has acquired a fresh minority stake of 2.7%.
The company had previously said it intends to go public by the end of 2021 and is raising capital to manage the listing expenses. The Gurugram-based startup has yet to file a draft red herring prospectus or announce a listing timeline. Several startups, such as
Zomato, have initiated their respective public listing processes which both companies want to complete by later this year.
Digital payments in India have been on a massive uptick as the Covid-19 pandemic-led digitisation of the consumer economy has helped companies including Mobikwik.
According to reports, Mobikwik conducts over one million daily transactions across its network, including on its digital wallet, UPI and bill payment services. The company recently became an aggregator of mutual fund and small ticket credit services. It said it has over three million merchants on its network and serves over 107 million users.