MobiKwik, an Indian financial services startup, has faced challenges in maintaining market relevance as competition increased due to the widespread adoption of UPI, drastically impacting its valuation.
Despite seeking to raise about $69 million in its upcoming IPO, MobiKwik's valuation has plummeted significantly from $924 million in 2021, a reflection of market dynamics and challenges.
The proceeds from MobiKwik's IPO will be allocated towards growth initiatives and investments in AI, indicating a strategic shift to stay competitive in the fintech landscape.
With over 161 million users and 4.26 million merchants, MobiKwik remains a major player in the Indian mobile wallet space but is struggling amid evolving consumer preferences.
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