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part of digital payments firm MobiKwik surged 82 % to ₹ 507.5 ( $ 6 ) on their first mean solar day of trading .
The Amerindic fintech ’s $ 69 million IPO comes amid fierce competitor from larger challenger , and it pushes MobiKwik ’s food market value to $ 464 million , well above itsinitial objective of $ 250 million . This remains substantially lower than the$924 million valuation the inauguration commandedduring a private fundraising in 2021 .
The Gurugram - base company , founded 15 years ago by Upasana Taku and her spouse Bipin Singh , has build one of India ’s most popular digital wallet chopine . Yet , it has faced challenges wield its market place position following widespread acceptation of UPI , a state - back payments scheme that have user make payments to each other instantly and has millions of user .
Prior to its IPO , MobiKwik had raised over $ 268 million in funding from investor , include Peak XV and ADIA .
MobiKwik presently claims a user base of 161 million and serves 4.26 million merchant partners .
It ’s the latest Indian startup to go public in India ’s red - red-hot initial offering market . More than 20 Indian startup areplanning to go public next year .
