Abu Dhabi Investment Authority takes minority stake in Mobikwik for 20 million
As part of these fundraisers, he recently added investors such as former Blackstone India Director Mathew Cyriac, Padma Sat Pal Khattar Award winner and former Infosys Director of Investments VG Dheeshjith as new shareholders.
The UAE’s sovereign wealth fund, Abu Dhabi Investment Authority, has taken a minority stake in IPO-linked digital payments player Mobikwik for nearly $ 20 million (around Rs 150 crore), valued at of $ 700 million, the company said.
The company had bad press in March after an alleged massive data theft, following which the Reserve Bank of India (RBI) ordered a forensic audit of the Gurugram-based company established in 2009. The personal data of its few 10 million customers have reportedly been stolen by hackers.
The Abu Dhabi Investment Authority’s latest $ 20 million round of funding values the company at $ 700 million (nearly Rs 5,193 crore), according to a file from Mobikwik’s Registrar of Companies (RoC). Since March 2021, he has raised over Rs 235 crore.
As part of these fundraisers, he recently added investors such as former Blackstone India Director Mathew Cyriac, awardee Padma Sat Pal Khattar and former Infosys Director of Investments VG Dheeshjith as new shareholders. . Its other investors are Sequoia Capital and Bajaj Finance. According to investment banking sources, Mobikwik is working on a sale of primary shares of Rs 1,200 crore, which is expected to hit markets by September.
In early March, digital wallet and payments start-up Mobikwik was in the midst of a crisis after the personal data of 9.9 million of its customers was allegedly stolen by hackers. Although he denied the allegations, he was ordered to conduct a forensic audit by the Reserve Bank of India.
Mobikwik claims one million daily transactions on its network, which include digital wallets and services like cell phone top-ups and utility bill payments. More than three million merchants are on its network and serve more than 107 million users.
According to a PwC report from December 2020, the country’s digital payments market could reach Rs 163 lakh crore by the next fiscal year. With Facebook’s WhatsApp getting approval to offer payments locally, competition between digital payment players like Google Pay, Walmart PhonePe, and Paytm has increased.