Mon Dec 09 12:28:26 UTC 2024: ## MobiKwik IPO Significantly Downsized, Valued at $250 Million
**Gurugram, India –** Indian fintech startup MobiKwik has drastically reduced the size of its initial public offering (IPO) for the third time. The company, which operates one of India’s most popular mobile wallets, will now offer shares at a price band of ₹265 to ₹279 (approximately $3.1 to $3.3), valuing the company at a mere $250 million. This represents a significant drop from its $924 million private valuation in 2021.
MobiKwik, backed by investors including Peak XV and ADIA, aims to raise roughly $69 million through the IPO – a far cry from its initial target of $255 million. The IPO opens on December 11th, with trading beginning on December 18th.
The 15-year-old company’s struggles reflect the growing dominance of the government-backed UPI payment system, which has impacted MobiKwik’s market share. Despite boasting 161 million users and 4.26 million merchants, the company has seen its valuation plummet. MobiKwik plans to use the IPO proceeds to fuel growth and invest in artificial intelligence. The startup has raised over $268 million in funding to date.
First Piper 