Digital payments player MobiKwik has raised $7.2 million or Rs 52.5 crore in a funding round prior to listing on the stock exchanges, according to regulatory filings with the Ministry of Corporate Affairs. The company will use these funds for its initial public offering slated to take place around September this year, the filings showed. Entrackr was the first to report the development. MobiKwik allotted 42,159 preference shares at an issue price of Rs 12,450 per share, accumulating to Rs 52.5 crore or $7.2 million. A total of 10 investors participated in the round including Mauryan First and Orios Select Fund and individual investors like Vineet Sharma, Elizabeth Matthew and Gaurav Dubey. Sequoia Capital is the has a 17.37% stake in the company, Bajaj Finance has a 13.41% stake, while the two co-founders of MobiKwik have a combined shareholding of around 35%. According to Entrackr, Mobikwik's post-money valuation stands at $493 million or Rs 3,572 crore following the latest funding round. Last week, it was reported that MobiKwik could raise between $200-250 million during its IPO, which could fetch the company a valuation of over $1 billion. 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…
