Why MobiKwik’s IPO is equally important for Peak XV Partners

Behind the fintech firm’s much-reduced second offer is an insistence ‘to do things the right way’ driven by its oldest and largest institutional investor.

MobiKwik is taking a shot at the bourses again. Earlier this month, the Gurugram-based digital payments company refiled its draft red herring prospectus to raise Rs 700 crore, slashing the issue size by more than half of what it had sought to raise in 2021. 

First, some background. The plans of raising Rs 1,900 crore through an initial public offering were shelved in 2022 primarily for two reasons. One, rival Paytm had seen its stock tank after it went public in November 2021. And two, MobiKwik was facing regulatory heat (more on this later). At the time, we had reported …


Ashwin Manikandan

Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.