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The Abu Dhabi Investment Authority has become a minority shareholder in digital payments company, Mobikwik after investing a sum of $20 million or Rs.150 crore. The investment puts the company’s valuation at $700 million or about Rs.5,193 crore. The latest round of funding that started in March 2021 has come as a boost to the company facing allegations of a massive data leak of about 9.9 million customers.
Mobikwik has raised an amount of Rs.235 crore through a series of investments starting from March 2021. New investors to the payments company include the former head of Blackstone India- Mathew Cyriac, Sat Pal Khattar and VG Dheeshjith who earlier worked as a chief investment officer at Infosys. Sequoia Capital and Bajaj Finance continue to remain the shareholders of Mobikwik.
Mobikwik is also reportedly planning for an Initial Public Offering(IPO) worth Rs.1,200 crore to be launched by the month of September. Earlier this year, the company faced a major controversy when it was alleged that hackers had stolen the personal data of over 9.9 millions users of Mobikwik. The claim was refuted by Mobikwik. Following the alleged data breach, the Reserve Bank of India ordered the digital wallet provider to conduct a forensic audit.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, Mobikwik offers its users a digital wallet and a mobile-based payment system. It claims to process one million payment transactions each day and has over 107 million users in all.