Company Mobikwik IPO Set to launch IPO in September 2023 Check Issue Date, Share Price, Allotment. with GMP

One of the popular payment platforms Mobikwik is all set to launch its Initial Public Offer. Earlier the company has filed IPO submission in SEBI. Now, On Monday, March 22, it is found in the news that brings the confirmation about IPO issue date and what will be the Issue Size. Here are various important facts related to this IPO. Mobikwik was found in 2009 It is backed by Sequoia Capital and Bajaj Finance Ltd.

Mobikwik is planning to raise $200 million and $250 million through the Initial Public Offer. Along with it, the company got the pre-IPO funding of $700 million to show the huge valuation of the startup.

You can assume the popularity by just knowing that Mobikwik records more than millions of transactions within a day. The demand of online trasaction continuously rising because of rising in the usage of Internet and accessibility of Smartphones. People used this application to top-up mobile recharge, Bill recharge, Payment of Credit Cards and doing shopping. With huge networks, they have 3 million merchants over.

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The value of transactions in India’s digital payments market could reach 163 trillion rupees ($2.3 trillion) in 2023-2023, according to a PwC report. The sector is fast becoming a proxy battleground for foreign tech giants, with Facebook Inc.’s WhatsApp winning permission in November to operate locally, competing against Google Pay, Walmart Inc.’s PhonePe and Paytm which is backed by both Ant Group Co. and SoftBank Group Corp.’s Vision Fund. In July, MobiKwik co-founder Bipin Preet Singh called on Indian regulators to nurture local companies and guard against foreign competitors.