VC Firm Peak XV Sells It’s MobiKwik Shares Worth INR 82 Cr, 2nd Such Selling Since Last Week

Peak XV Partners, a venture capital firm, sold MobiKwik’s shares in a block deal on Thursday (December 26) for INR 81.63 crore.

MobiKwik, founded in 2009 by Bipin Preet Singh and Upasana Taku, is a digital banking platform that provides a variety of financial solutions to customers and merchants. The fintech startup makes money by offering consumer payments, buy now pay later (BNPL), and payment gateway services.

According to NSE statistics, the investment entity, Peak XV Partners Investment Holdings III, sold 12.01 lakh shares at INR 679.38 each.

As of December 16, the investment entity owned 21.83 lakh shares in the company, representing a 2.81% stake. Peak XV additionally has an additional 9.98% share in the company through another organization.

On December 19, Peak XV sold more than 7 lakh shares of the fintech startup for INR 579.37 each, for a total of INR 40.59 crore.

Related: Fintech Giant MobiKwik’s Shares Make Thumping Debut With 58.5% Premium Over IPO Issue Price

MobiKwik shares rose as much as 15% to a new all-time high of INR 698.30 per share during intraday trading on the BSE on Thursday. However, the stock later pared part of its gains, closing the day 4.83% higher at INR 638.55 on the BSE.

MobiKwik recently made its stock market debut. Its initial public offering (IPO) consisted primarily of a new issue of shares for INR 572 crore, with no offer for sale.

Investors responded overwhelmingly, with the IPO being oversubscribed by more than 119 times. The stock debuted on the BSE at INR 442.25, a 58.5% premium over the issue price of INR 279. On the NSE, the shares were listed at INR 440 each, representing a 57.7% premium over the issue price.

Since then, the stock has been on an upward trend. Earlier this month, brokerage company Dolat Capital commenced coverage of the stock with a “BUY” rating and an INR 500 price target.

On the financial front, MobiKwik reported a net loss of INR 6.6 crore in Q1 FY25, compared to a net profit of INR 3 crore the previous year. The operating revenue for the quarter under review was INR 342.2 crore.

It competes with Paytm, PhonePe, and Google Pay in India’s growing fintech market.