MobiKwik Slashes IPO Valuation by 73% Ahead of Public Listing
Indian fintech giant MobiKwik has significantly reduced its IPO valuation to $250 million, marking a steep 73% decline from its last private valuation of $924 million in 2021. The Gurugram-based startup, backed by prominent investors like Peak XV and ADIA, is now targeting a modest $69 million raise—far below its initial $255 million goal set three years ago.
Key Details of MobiKwik’s Revised IPO Plan
- Price Band: ₹265 to ₹279 per share (\(3.1 to \)3.3)
- IPO Dates: Opens December 11, begins trading December 18
- Use of Proceeds: Fund growth initiatives and AI investments
- User Base: 161 million users and 4.26 million merchants
What Led to the Valuation Drop?
MobiKwik, founded in 2009, was once a pioneer in India’s mobile wallet space. However, the rapid adoption of UPI (Unified Payments Interface), a government-backed payment protocol, has eroded its market dominance. Despite raising $268 million in funding over 15 years, the company has struggled to maintain its competitive edge.
The Road Ahead for MobiKwik
With its IPO, MobiKwik aims to pivot toward AI-driven financial services and expand its offerings. The fintech landscape in India remains fiercely competitive, but the company’s established user base could provide a foundation for reinvention.
Industry Insight: The valuation cut reflects broader challenges faced by fintech firms adapting to India’s shifting digital payment ecosystem. Investors will be watching closely to see if MobiKwik can leverage its IPO to stage a comeback.
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