Abu Dhabi Investment Authority bought crores of stake in Mobikwik, which gives cashback in bill payment and recharge

Abu Dhabi Investment Authority bought crores

Abu Dhabi Investment Authority has bought a stake worth Rs 150 crore in Mobikwik, which provides cashback-like facility on all types of bill payments. United Arab Emirates wealth fund Abu Dhabi Investment Authority has bought some stake in MobiKwik for around $20 million (about Rs 150 crore). After this, the value of the company has increased to $ 700 million.

 

Abu Dhabi Investment Authority has bought a stake worth Rs 150 crore in Mobikwik, which provides cashback-like facility on all types of bill payments. United Arab Emirates wealth fund Abu Dhabi Investment Authority has bought some stake in MobiKwik for around $20 million (about Rs 150 crore). After this, the value of the company has increased to $ 700 million.

In India, MobiKwik competes with the digital payment app Paytm, which is a very popular app in India, apart from the company’s competition with apps like Google Pay and PhonePe. Sequoia Capital and Bajaj Finance also have investments in MobiKwik. According to the information, with this investment by the Abu Dhabi Investment Fund Authority, the value of the company has increased to $ 700 million (about Rs 5,193 crore).

Will bring IPO by September

Since March this year, the company has raised Rs 235 crore and the company is working towards bringing an IPO of Rs 1,200 crore, about which the company has not given official information. MobiKwik’s Initial Public Offering (IPO) may hit the market by September this year.

what is mobikwik

MobiKwik is a digital payment wallet system. In this, users can put money in the wallet with the help of debit cart and credit card. Or one can directly pay recharge, mobile phone bill, or electricity bill. In this, the company would also provide cashback and some coupons, which help users to save money or get discounts.

If you are not getting good discounts and coupons during mobile recharge, then you can take the help of websites like Coupon Duniya and GrabOn, which give good discount information.

 

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