Shares in digital funds agency MobiKwik surged 82% to ₹507.5 ($6) on their first day of buying and selling, because the Indian fintech firm made its market debut amid fierce competitors from bigger rivals.
The itemizing pushed MobiKwik’s market worth to $464 million, properly above its preliminary goal of $250 million for the general public providing. This stays considerably decrease than the valuation of $924 million the startup commanded throughout a non-public fundraising in 2021.
The Gurugram-based firm, based 15 years in the past by wife-husband duo Upasana Taku and Bipin Singh, has constructed one in every of India’s hottest digital pockets platforms. But it has confronted challenges sustaining its market place following widespread adoption of UPI, the state-backed funds system. Previous to its $69 million IPO, it secured over $268 million in funding from traders together with Peak XV and ADIA.
MobiKwik presently claims a person base of 161 million and serves 4.26 million service provider companions.
It’s the newest Indian startup to go public in a red-hot IPO market. Greater than 20 Indian startups are planning to go public subsequent 12 months, TechCrunch earlier reported.