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MobiKwik, an Indian financial services startup, has downsized its planned IPO for the third time, setting a price range of INR 265-279 ($3.1-3.3) valuing it at $250 million – a sharp decline from its valuation. Private equity of $924 million in 2018. 2021.
The Gurugram-based fintech company, backed by Peak .
The 15-year-old startup, which has raised over $268 million, runs one of the largest mobile wallet apps in India. But it has struggled to maintain relevance after the government-backed protocol, UPI, achieved faster successes.
MobiKwik says it will use the IPO proceeds to find its growth and investments in artificial intelligence. The startup serves 161 million users and 4.26 million merchants.
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