MobiKwik has filed its draft red herring prospectus (DRHP) and is looking to raise Rs 1,900 crore via an initial public offering (IPO). According to draft documents, Rs 1,500 crore will be primary share sales, while Rs 400 crore will be secondary. Mobikwik was valued at $700 million after raising $20 million in June from the Abu Dhabi Investment Authority (ADIA). In FY21, Mobikwik’s total income declined by 18 per cent to Rs 302 crore.

The company is likely to consider the pre-IPO private arrangement of Rs 400 crore, which includes OFS of Rs 9.9 crore by American Express, Rs 68.9 crore by Bajaj Finance, Rs 111 crore by founder Bipin Preet Singh, Rs 78 crore by founder Upasana Taku, Rs 11 crore by Cisco Systems, Rs 94 crore by Sequoia Capital and Rs 24 crore by Treeline Asia. Promoters Singh and Taku plan to sell about Rs 190 crore of their stake.

The $20 million funding from the Abu Dhabi Investment Authority valued the company at $700 million, according to a Registrar of Companies (RoC) filing by Mobikwik. Since March 2021, it has raised over Rs 235 crore.