What's the news?
The UAE's sovereign wealth fund Abu Dhabi Investment Authority has picked up a minority stake in the IPO-bound digital payments player MobiKwik for nearly $20 Mn , valuing it at $700 Mn. Since March 2021, it has raised over Rs 235 crore.
More to know
According to investment banking sources, MobiKwik is working on a Rs 1,200 Cr primary share sale, which is likely to hit the markets by September. MobiKwik claims one million daily transactions across its network, which include digital wallets and services like mobile phone top-ups and utility bill payments. Over three million merchants are on its network and it serves over 107 Mn users.