Two large investors have pulled their commitment on investing in MobiKwik’s public issue, putting a spanner in the company’s listing plans.
Two investors who’d committed to investing in MobiKwik’s public issue have pulled out, according to two people directly aware of the development. The two investors are Eastspring Investments and Nomura. This is bad news for the digital payments company and puts a spanner in its long-in-the-works IPO plans.
While we could not independently verify why the investors pulled out, one of the two people cited above said that investors aren’t hot on the company’s ability to compete and grow in the crowded fintech space. Plus, the fairly expensive valuation.
“The valuation has already dropped to $950 million post from $1.2 …
Ashish is the editor-in-chief of The Morning Context. One of the best-known business feature writers in India, he was selected for Germany’s Robert Bosch Stiftung Fellowship in 2012 and received the Mumbai Press Club RedInk certificate of recognition in 2015 for his story “Inside the Network 18 takeover”. Before joining The Morning Context, Ashish co-founded The Ken, where he was managing editor. His previous writing stints include Mint, Forbes India and The Economic Times.
Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.