Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Shares in digital payments company MobiKwik surged 82% to ₹507.5 ($6) on their first day of trading, as the Indian fintech firm made its debut in the market amid fierce competition from larger rivals.
The listing pushed MobiKwik’s market value to $464 million, its highest ever an initial goal of $250 million of the public offering. This is still much lower than the calculation of $924 million founders during special fundraising in 2021.
The Gurugram-based company, founded 15 years ago by Upasana Taku and her husband, Bipin Singh, has built one of the most prominent digital wallet platforms in India. However, it faced difficulties in maintaining its market following the introduction of UPI, a government-backed payment system. Before its $69 million IPO, it raised more than $268 million from investors including Peak XV and ADIA.
MobiKwik currently claims 161 million users and supports 4.26 million merchants.
It is India’s latest first to go public in the red-hot IPO market. More than 20 Indian startups are plans to go public next yearTechCrunch previously reported.
