Abu Dhabi Investment Authority buys stake in MobiKwik for 150 Crore

New Delhi: – Jun 27 United Arab Emirates (UAE) wealth fund Abu Dhabi Investment Authority has bought some stake in e-wallet company MobiKwik (Indian digital Payment wallet) for around $20 million (Rs 150 crore). With this the company’s value increased to $700 million. The company is about to present its IPO.

2021 data Split:-

On 25 February 2021, an Indian security researcher named Rajshekhar Rajaharia claimed that the KYC details of nearly 100 million MobiKwik users have been leaked from the company’s server, by a hacker group called Jordan Daven, and put up for sale on the dark web. On 4 March 2021, company denied the claim and said it will take legal action against the researcher. However, multiple independent researchers and users have confirmed that their Mobikwik data was available online. Later on 30 March 2021, TechCrunch reported that company is hiring a third-party to conduct a forensic data security Audi.

The company has raised Rs 235 crore since March this year. According to investment banking sources, the company is working towards bringing an IPO of Rs 1,200 crore. This initial public offering (IPO) may hit the market by September this year.

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