MobiKwik bags $20 Mn fund from Abu Dhabi Investment Authority

MobiKwik has secured an amount of $20 million fresh fund from Abu Dhabi Investment Authority(ADIA). The new fund came within two months of its last fund received.

As per the regulatory filings, the board of MobiKwik has allotted 83,165 Series G preference shares and one equity share at the price share of Rs 17,916 per share to Abu Dhabi Investment Authority or ADIA to raise Rs 149 crore or $20 million.

As per news source, MobiKwik has raised the fresh money at a post-money valuation of Rs 5,365 crore or $736 million. The company jumped 47% within two months. In April, it had raised $5 million from a clutch of investors at an estimated valuation of $500 million.

It’s worth noting that MobiKwik’s price per share has jumped from Rs 12,350 to Rs 17,916 in the fresh round within the two months.

Following the allocation of fresh shares, ADIA has acquired a 2.78% stake in MobiKwik and the collective stake of the co-founders of the company - Bipin Singh and Upasana Taku - has been diluted to 33.2%. As of March 2021, both held a collective stake of 34.96% in the company.

The fresh funding appears to be a part of a pre-IPO round. In its regulatory filings in March, the company had said that the ongoing fundraise was IPO specific for listing expenses and will raise more in this pre-IPO round.