Shares of digital payments firm MobiKwik surged 82% to ₹507.5 ($6) on their first day of trading.
The Indian fintech’s $69 million IPO comes amid fierce competition from larger rivals, and it pushes MobiKwik’s market value to $464 million, well above its initial target of $250 million. This remains substantially lower than the $924 million valuation the startup commanded during a private fundraising in 2021.
The Gurugram-based company, founded 15 years ago by Upasana Taku and her spouse Bipin Singh, has built one of India’s most popular digital wallet platforms. Yet, it has faced challenges maintaining its market position following widespread adoption of UPI, a state-backed payments system that lets users make payments to each other instantly and has millions of users.
Prior to its IPO, MobiKwik had raised over $268 million in funding from investors, including Peak XV and ADIA.
MobiKwik currently claims a user base of 161 million and serves 4.26 million merchant partners.
It’s the latest Indian startup to go public in India’s red-hot IPO market. More than 20 Indian startups are planning to go public next year.
