One Mobikwik Systems Ltd. is talking with investors to raise $100 million in equity to fund business expansion after delaying its initial public offering, a founder said.

The Gurgaon-based fintech company, which turned profitable for the first time in the quarter, ended December 31. Cofounder Upasana Taku said in an interview in Mumbai: We will use the funds for marketing, recruiting and acquisitions. The company is still planning an IPO in due course, she said.

Shares plummeted after larger rival Paytm went public in November, and the company delayed IPO that was scheduled for last year. Mobikwik’s unlisted shares bore the brunt of the tech crash, according to data from investment platforms that allow private companies to trade.

The company’s backers include American Express and Sequoia Capital and are one of the most significant buys now, pay later companies in India. It has over 100 million registered users and is looking to expand its business rapidly. While Mobikwik was valued at around $700 million when it raised funds from the Abu Dhabi Investment Authority last year, no decision has been made on the current round, Taku said.