IPO-bound digital payments firm MobiKwik on Friday said it has strengthened its Board of Directors with the induction of four independent directors.
The four independent directors are former MD of Blackstone and Oppenheimer Punita Kumar Sinha, 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 .
Bipin Preet Singh, MD, CEO & Co-founder, MobiKwik said in a statement, “I see this as being foundational as we head into our next phase as a publicly listed company. The holistic expertise of our new Board members in our sector, public policy, technology and business will provide an added thrust to MobiKwik’s strategic direction.”
IPO
It maybe recalled that MobiKwik had on July 12 filed its draft red herring prospectus (DRHP) with SEBI for an IPO to raise ₹1,900 crore.
The IPO comprises fresh issue of equity shares of upto ₹1,500 crore and an offer for sale of equity shares by certain shareholders of upto ₹400 crore.
Founded in 2009 by Bipin Preet Singh and Upasana Rupkrishan Taku, MobiKwik is one of India’s leading mobile wallet and Buy Now Pay Later platform.
It was last valued at $700 million when it raised $20 million recently from Abu Dhabi Investment Authority.
The company is profitable at the segment level across all three segments, and has seen a revenue growth (CAGR) of 37 per cent in the last two years (FY19-21).