MobiKwik, an Indian financial services startup, has cut its planned IPO size for the third time, setting a price band of 265-279 Indian rupees ($3.1-3.3) that values it at $250 million — down sharply from its $924 million private valuation in 2021.
The Gurugram-based fintech, backed by Peak XV and ADIA, is seeking to raise about $69 million in the IPO, well below its initial $255 million target in 2021. The IPO opens December 11, with listing set for December 18.
The 15-year-old startup, which has raised more than $268 million, operates one of the largest mobile wallet apps in India. But it has struggled to maintain relevance after a government-backed protocol, UPI, made faster inroads.
MobiKwik says it will use the proceeds from the IPO to find its growth and AI investments. The startup serves 161 million users and 4.26 million merchants.
