Indian fintech firm MobiKwik hires advisers to set ball rolling on IPO
Currently almost 30,000 tickets are booked daily through the IRCTC android app. Photo: Indranil Bhoumik/Mint
February 23, 2021
In line with its plans to go public in 2022, fintech firm MobiKwik has appointed investment banks ICICI Securities and IIFL, besides a few law firms, to kickstart the work on the draft red herring prospectus, two people in the know said, seeking anonymity.
MobiKwik is also in talks with a few more investment banks to bring them on board to manage the initial public offering (IPO), said one of the two people cited above. “They will go for a domestic IPO.”
January 21, 2021
MobiKwik’s net revenues grew by 134% to ₹379 crore at the end of FY20 from ₹162 crore on the back of higher revenue from consumer payments. The mobile payments app has a user-base of 120 million and has been expanding its product offerings with lending and investment options over the past year, it said in a blogpost.
The payments company founded in 2009 by Bipin Preet Singh and Upasana Taku has raised a total of $100 million in funding from Sequoia Capital, Bajaj Finance, and American Express among other investors. In December 2020, the company raised ₹52 crore from Hindustan Media Ventures, the investment arm of HT group and from the family office of Infosys co-Founder Kris Gopalakrishnan. This capital would be used for growing its lending and payments business, it said in a press statement. The company plans to launch an initial public offering in 2022.
Nifty seen opening with 50 points down
January 18, 2021
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Domestic markets are expected to continue the downward slide, as trends from SGX Nifty indicate a gap-down opening of about 50 points. Tracking the weak global markets, the SGX Nifty is currently ruling at 14,414 as against the NIfty-50 Friday’s close of 14,458.
The US markets on Friday closed with a loss of 0.5-0.9 per cent while most Asian markets such as Japan, Korea, Taiwan and Singapore; and Australia are down by about one per cent. Even all the US futures Dow, Nasdaq and S&P 500 are down marginally.
It may be recalled that the BSE Sensex slumped 549.49 points at 49,034.67 and the Nifty50 161.90 points at 14,433.70.
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Trends on SGX Nifty indicate a negative opening for the index in India with a 47 points loss. January 18, 2021 / 07:45 AM IST
The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a negative opening for the index in India with a 47 points loss.
The BSE Sensex corrected 549.49 points to close at 49,034.67 on January 15 while the Nifty50 declined 161.90 points to 14,433.70
According to pivot charts, the key support levels for the Nifty are placed at 14,321.83, followed by 14,209.97. If the index moves up, the key resistance levels to watch out for are 14,581.53 and 14,729.37.