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India's MobiKwik surges 82% in market debut | TechCrunch
TechCrunch
·
7m ago
Medial
Digital payments firm MobiKwik's shares surged 82% on its first day of trading following a $69 million IPO. This pushed its market value to $464 million, exceeding its initial target of $250 million but lower than its $924 million valuation in 2021. MobiKwik faces competition from larger rivals and challenges from the widespread adoption of UPI, India's state-backed payments system. The company has raised over $268 million in funding and serves 161 million users and 4.26 million merchant partners. MobiKwik is one of many Indian startups planning to go public in the country's thriving IPO market.
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Related News
How have major startup IPOs of 2024 performed since market debut?
Inshorts
·
7m ago
Medial
Swiggy's ₹11,327-crore IPO, which was India's second-largest IPO this year, delivered roughly 50% returns since market debut in November, data compiled by YourStory showed. Shares of Ola Electric and FirstCry are up 25% and 30%, respectively, from their issue prices. Go Digit, Awfis, Ixigo and Zinka Logistics shares have jumped 22%, 89%, 70% and 82%, respectively, since market debut.
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India's fintech has come far, but so much more to be done: MobiKwik's Upasana Taku
Economic Times
·
3m ago
Medial
India's fintech sector is set for significant growth over the next two decades, driven by opportunities in digital payments and financial products, according to MobiKwik cofounder Upasana Taku. With only 10% of Indians using multiple financial products, the market offers vast potential. MobiKwik plans to focus on innovation, governance, and expanding its user base. Despite recent financial challenges, the company aims for long-term growth through diversification across payment and finance-related services.
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Deepika Padukone's 82°E to raise Rs 50 crore from Ka Enterprises, others
Economic Times
·
1y ago
Medial
Bollywood actor Deepika Padukone's personal care startup, 82°E, is set to raise INR 50 crore (approximately $6 million) from existing and new investors. The funding will be used for expansion and growth. Founded in 2021, the Mumbai-based brand offers skincare products for both men and women. The company previously raised $7.5 million in December 2022. India's beauty and personal care market is projected to reach $30 billion by 2027, creating a favorable environment for celebrity-led brands like 82°E.
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Net1 exits from Mobikwik with notable loss after 8 years
Entrackr
·
1m ago
Medial
South Africa-based Net1 Applied Technologies has sold its entire 8% stake and exited its long-standing investment in fintech platform Mobikwik, through a block deal on Thursday. Net1 sold its entire holding of 62,15,620 shares at Rs 230.16 each, accumulating approximately Rs 143 crore, according to data from the National Stock Exchange (NSE). Net1 first invested $40 million (approximately Rs 270 crore at the time) in MobiKwik in 2016, aiming to integrate its virtual card and financial inclusion technologies with the Indian fintech platform. However, despite MobiKwik going public, Net1 appears to have made no return and has even incurred a loss on its investment. MobiKwik made its stock market debut in December last year with a strong listing at Rs 444, a 59% premium over its issue price. The fintech platform even touched highs of Rs 698 post-listing. However, the stock has experienced significant volatility since then and has now settled around Rs 261. MobiKwik reported flat revenue of Rs 268 crore in Q4 FY25, compared to the same quarter last year. However, for the full fiscal year, its revenue rose 33.9% to Rs 1,192 crore in FY25. On the bottom line, the company posted a loss of Rs 56 crore in Q4 FY25.
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India's mobile payments dilemma | TechCrunch
TechCrunch
·
7m ago
Medial
India's payments regulator is considering capping the market share of Walmart's PhonePe and Google Pay on the UPI platform, which dominates India's mobile payments scene. The proposal limits each firm's UPI transactions to 30%, affecting their growth and market plans. Currently, PhonePe and Google Pay handle 47.8% and 37.1% of UPI transactions, respectively. The decision could benefit other fintech startups and marks significant regulatory intervention in India's booming technology sector.
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India’s venture capital market rebounds in 2024, funding surges to $13.7B
YourStory
·
5m ago
Medial
India's venture capital market bounced back significantly in 2024, reaching $13.7 billion in funding, a 1.4x increase from 2023. The resurgence was driven by strong economic fundamentals, regulatory reforms, and increased market activity. The number of deals rose by 45%, with tech sectors like consumer technology, SaaS, and fintech leading the way. Traditional industries also saw investment growth. Despite decreased overall VC fundraising, exit activity reached $6.8 billion, mainly through public market exits.
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Which investors are underwater as MobiKwik floats IPO with deep valuation cut?
VCCircle
·
8m ago
Medial
MobiKwik, a digital payments company, is set to launch its initial public offering (IPO) next week at a significantly lower valuation than its previous worth. This has resulted in losses for several top private market investors. Founded in 2006, MobiKwik is a fintech company based in Gurugram, India.
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New-Age Tech Stocks’ M-Cap Surges $5 Bn, FirstCry & Eternal Gain Big
Inc42
·
1m ago
Medial
The Indian equity market experienced a strong rally, contributing to a $5 billion increase in the market capitalization of 33 new-age tech stocks under Inc42’s coverage. This brought their cumulative market value to $91.07 billion. The surge was partly due to the Reserve Bank of India's repo rate cut by 50 basis points. FirstCry's shares gained significantly, rising 18.73% this week despite recent losses, with its market cap reaching $2.5 billion.
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More work needed to be done in Indian fintech sector: MobiKwik CFO
Inshorts
·
3m ago
Medial
MobiKwik Co-Founder and CFO Upasana Taku said it's an exciting time to be in India's fintech sector but there is much more work that's needed to be done. "400-500 million Indians are actively paying digitally...everyone else is still on cash," she said. "The overall market opportunity is still...very large...Next 20 years it's going to be a growth story," she added.
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Asia to emerge as equity deals hot spot as India activity surges
VCCircle
·
1y ago
Medial
Asia is expected to see a surge in equity deals in the second half of this year, with a revival in IPOs in Hong Kong and a string of mega deals in India. India's share in Asia's equity capital market (ECM) deals is at a record high, with a total of $28.5 billion raised in the first half of 2024. In comparison, mainland Chinese ECM deals dropped by nearly 70%, and IPOs in Hong Kong also experienced a decline. The positive growth outlook of India's economy and improved sentiment towards Hong Kong and China are expected to attract more foreign investors.
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