According to Mint, the initiative could raise between USD 200 million and USD 250 million. Furthermore, the company is planning to file its draft IPO prospectus by May 2021 for an offering in Mumbai that could value the company at more than USD 1 billion. However, details such as the size and timing of the fundraising could change.
MobiKwik records more than a million transactions per day, across offerings including digital wallets and services such as mobile phone top-ups and utility bill payments. Its network includes over 3 million merchants and serves in excess of 107 million users.
Overall, the value of transactions in India’s digital payments market could reach USD 2.3 trillion in 2022-2023, according to a PwC report. The sector is fast becoming a proxy battleground for foreign tech giants, with Facebook’s WhatsApp winning permission in November 2020 to operate locally, competing against Google Pay, Walmart’s PhonePe and Paytm.
In July 2020, MobiKwik co-founder Bipin Preet Singh called on Indian regulators to nurture local companies and guard against foreign competitors, Mint reported.
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