ADIA picks up minority stake in Mobikwik at valuation of $700 million

Mumbai: The Abu Dhabi Investment Authiority (ADIA) has picked up a minority stake in the IPO-bound Mobikwik for nearly $20 million (about Rs 150 crore) at a valuation of $700 million, according to an RoC filing by the digital payments company.

According to investment banking sources, the Gurugram-based company is working on a Rs 1,200-crore primary share sale, which is likely to hit the markets by September. Since March 2021, it has raised more than Rs 235 crore from investors such as ex-Blackstone India head Mathew Cyriac, Padma awardee Sat Pal Khattar, and former Infosys Chief Investment Officer VG Dheeshjith. Its other investors include Sequoia Capital and Bajaj Finance.