Synopsis
Venture capital firm Peak XV Partners has fully exited fintech firm One MobiKwik Systems. The firm sold its stake for over Rs 130 crore. This marks a successful exit for Peak XV, which was an early investor.Listen to this article in summarized format
Peak XV Partners held around 7.7% stake in the firm, amounting to more than 600,000 shares, which were sold at an average value of Rs 214.
The fintech startup announced on Monday that it had secured the non-banking finance company licence from the Reserve Bank of India. The stock price closed at Rs 229 on the NSE on Tuesday at the end of the day’s trading.
Emailed queries to Peak XV Partners went unanswered, while Mobikwik did not respond to queries.
This deal comes in the wake of Abu Dhabi Investment Authority exiting its 2.2% shareholding in Mobikwik last September for Rs 39 crore. Back then, the shares were sold for Rs 238 per piece, according to bulk deals data released by NSE.
At the time of its listing, the company had set out to raise Rs 572 crore through a fresh issue of shares and did not have any offer-for-sale component, indicating that none of its investors were selling their shares at that time.
According to shareholding details sourced from the stock exchanges as of March 26, beyond Peak XV Partners, the other institutional investors include Cisco Systems, American Express and Bajaj Finance with a 10% shareholding.
Times Internet owns a 1.9% stake in Mobikwik. Times Internet is the digital arm of The Times of India group, which also publishes The Economic Times.
Mobikwik operates a mobile wallet and offers UPI payments, coupled with credit and insurance products. In its December quarter results, the company disclosed that it has around 186 million users and around 4.8 million merchants.
The company said that it processed Rs 48,100 crore in gross merchandise value in the third quarter. Its operating revenue stood at Rs 288 crore for the December quarter and reported a net profit of Rs 4 crore, compared to a net loss of Rs 55 crore a year back.
