Digital payments major One MobiKwik System Pvt Ltd is planning on listing on stock exchanges by September 2021, through which it could raise between $200-250 million, Bloomberg reported. The company will file the draft prospectus for its initial public offering (IPO) by May, which would value MobiKwik at over $1 billion, the report said. MobiKwik is one of the oldest digital payments wallet players in the country, getting its Reserve Bank of India license back in 2013. If it's all smooth sailing for the company between now and September, MobiKwik would be the first digital payments wallet company to list shares. The company will have beat its digital payments rivals like Paytm and PhonePe, both of whom are also planning IPOs in the coming years. Since its inception in 2009, MobiKwik has raised a total of $100 million in funding from Sequoia Capital, Bajaj Finance, and American Express among other investors. According to Bloomberg, the company will hold a pre-IPO funding round that could give it a valuation of $700 million. The company has a user base of 120 million users and over 3 million merchants. While a digital wallet is MobiKwik's basic offering, it has expanded into credit cards through a partnership with American Express. Despite the large user base and expansion into lending products, the company's Unified Payment Interface (UPI) service pales' in comparison to Paytm, PhonePe and Google Pay who dominate the market. According to data from the National Payments Corporation of India, in February 2021, MobiKwik…
