MobiKwik IPO Significantly Downsized
Indian fintech startup MobiKwik has reduced its IPO target for the third time, aiming for a $250 million valuation, a sharp drop from its $924 million private valuation in 2021. The IPO, opening December 11 and trading from December 18, seeks to raise $69 million, significantly less than the initial $255 million target.
MobiKwik, backed by Peak XV and ADIA, operates a popular mobile wallet app in India but faces competition from the government-backed UPI. The company plans to use the IPO proceeds for growth and AI investment. For insights into AI's growing impact, see xAI's $6 billion funding round.
Despite its 161 million users and 4.26 million merchants, MobiKwik's struggle to maintain relevance in the face of UPI's widespread adoption is reflected in the downsized IPO. This contrasts with other fintech successes, such as those discussed in Vogels' 2025 tech predictions.
Key Details
- Third IPO downsizing, now targeting $250 million valuation.
- IPO opens December 11, trading starts December 18.
- Funds to be used for growth and AI investment.
- Faces competition from government-backed UPI.
While MobiKwik's IPO is considerably smaller than initially planned, it demonstrates the company's continued efforts to adapt and grow in a competitive market. This situation highlights the challenges faced by even established players, as explored in 9to5Mac's daily Apple news roundup.