Four Indian Fintechs to Raise up to $3 Billion via IPOs This Year

The Fintech sector in India is getting greener by the day. At least four large Indian fintechs are readying themselves for a big bang public listing this year as the Covid-triggered pandemic has accelerated the growth of these companies. Together, these startups could raise anything between $2.5 to $3 billion in the way of IPO in India.

Mobile wallet turned financial services app Mobikwik has announced that it has filed the regulatory papers to raise $270 million through an Initial Public Offering (IPO) by the end of this year. However, none of the companies are profitable at present, a metric that is very important for Indian companies to list on the Indian bourses.

According to a Bloomberg report, the Sequoia-backed digital payments firm is seeking a valuation of around $1 billion from the offering to help the company fund its organic and inorganic growth going ahead.

Founded in 2009 by husband-wife duo Bipin Preet Singh and Upasana Taku, Mobikwik started as a mobile wallet but has now spread into different verticals such as Buy Now Pay Later (BNPL) and payments gateway.

The Gurugram-based startup’s IPO announcement comes weeks after digital payments giant Paytm approved plans of its nearly $2 billion public offerings on the Indian bourses. SoftBank and Alibaba-backed fintech is currently the most valuable startup in the country and has different lines of business such as a digital wallet, Payments bank, wealth management app, and a payment gateway.

One of Asia’s leading merchant commerce platforms, Pine Labs, is yet another Unicorn after Paytm to go for an IPO in the US. Investors Fidelity Management & Research Company, funds managed by BlackRock, Ishana, Tree Line, a fund advised by Neuberger Berman Investment Advisers LLC. Pine Labs said it continues to be well-financed and has been EBITDA profitable for several years. The company is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal, and Mastercard, and others. The company also has the market-leading PayLater offering with about $3 billion in annualized PayLater transactions.

According to reports, another popular fintech is Policybazaar that plans to raise $400-$500 million in a local listing by selling primary and secondary shares at a $4-5 billion valuation.

Founded in 2008 by Yashish Dahiya, Policybazaar is a platform that helps consumers chose the right insurance policies for themselves.

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