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MobiKwik appoints new independent directors to its board

Earlier in June, MobiKwik filed a draft red herring prospectus (DRHP) for an IPO of up to  ₹1,900 crore on Monday with SEBI (MINT_PRINT)Premium
Earlier in June, MobiKwik filed a draft red herring prospectus (DRHP) for an IPO of up to 1,900 crore on Monday with SEBI (MINT_PRINT)

  • The appointments include - former MD of Blackstone, Dr Punita Kumar Sinha; diplomat and the former ambassador of India to Egypt and UAE, Navdeep Singh Suri; fintech entrepreneur and co-founder of PaySense, Sayali Karanjkar and chief technology officer of LinkedIn, Raghu Ram Hiremagalur

IPO-bound MobiKwik has appointed four new independent directors to its board, after filing its Draft Red Herring Prospectus (DRHP) with markets regulator Securities and Exchange Board of India (SEBI) on July 12, 2021.

The appointments include - former managing director of Blackstone, Dr Punita Kumar Sinha; diplomat and the former ambassador of India to Egypt and United Arab Emirates, Navdeep Singh Suri; fintech entrepreneur and co-founder of PaySense, Sayali Karanjkar and chief technology officer of LinkedIn, Raghu Ram Hiremagalur.

“Today, we at MobiKwik are hungrier than ever about our mission of financial inclusion and are confident that our interest free ‘Buy Now Pay Later (BNPL) offering – MobiKwik Zip’ is ideal to democratise access to credit for Bharat. In my extensive conversations with Punita, Navdeep, Sayali and Raghu, I have found a harmony in their beliefs and MobiKwik’s vision. I see this as being foundational as we head into our next phase as a publicly listed company," said Bipin Preet Singh, managing director, chief executive officer and co-founder, MobiKwik

Singh added that MobiKwik at present has a total base of 108 million users and 3.4 merchants. He also said that the company is profitable at the segment level, with revenues growing at a compound annual growth rate of 37% over the last two fiscals between FY’19 and FY’21.

Earlier in June, MobiKwik filed a draft red herring prospectus (DRHP) for an IPO of up to 1,900 crore on Monday with SEBI. The initial public offering (IPO) also includes a fresh issue of shares worth 1,500 crore.

The Gurugram-based payments company had appointed ICICI Securities, BNP Paribas, Credit Suisse and Jefferies, as its lead book managers for the IPO.

The companies offering included an offer for sale (OFS) window of 9.9 crore by American Express, 68.9 crore by Bajaj Finance, 111 crore by founder Bipin Preet Singh, 78 crore by founder Upasana Taku, 11 crore by Cisco Systems, 94 crore by Sequoia Capital and 24 crore by Treeline Asia.

The company could seek a valuation of around $1 billion from the offering, Bloomberg had earlier reported citing sources.

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