MobiKwik's Second IPO Attempt: Aiming for Growth and Expansion

Fintech company MobiKwik has secured Rs 257 crore from anchor investors before its IPO. No offer-for-sale portion is included, with fresh shares worth up to Rs 572 crore available. The proceeds will fund financial services expansion and technological development. MobiKwik plans to list shares on BSE and NSE.

Fintech giant One MobiKwik Systems has raised Rs 257 crore from anchor investors ahead of its imminent initial public offering (IPO). This marks a strategic move to gain traction in a competitive market dominated by heavyweights like Paytm and PhonePe.

Funds from the fresh issuance, amounting to a massive Rs 572 crore, will be directed towards bolstering MobiKwik's financial services, with Rs 150 crore set aside for organic growth. An additional Rs 107 crore will target R&D in AI and technology, signifying the firm's commitment to technological advancement.

This IPO stands as MobiKwik's second attempt, following a shelved plan in July 2021 due to market volatility. MobiKwik's flagship applications enable digital payments and financial products delivery, underscoring its resilience in the evolving fintech landscape.

(With inputs from agencies.)