India-based payments firm MobiKwik closes debt line

India-based payment service MobiKwik has reportedly secured INR 35 crore ($4.3m) in debt from Blacksoil Capital.

MobiKwik issued 700 non-convertible debentures at INR 500,000 ($6,279) apiece, according to a report from Entrackr.  The FinTech company is allegedly valued at $1bn.

The company was allegedly eyeing an initial public offering but has postponed it due to the tough financial market. It had filed a Draft Red Herring Prospectus in July 2021 for its IPO to raise $255m.

MobiKwik, which was founded in 2009, is a payments services provider. It offers instant bill payments, bank transfers, loans, wallet transfers and access to mutual funds.

There have been some notable FinTech funding rounds this year. FPL Technologies, which offers a metal credit card under the OneCard brand, recently became a unicorn. It reached the status after the close of its $100m Series D. It is valued at $1.4bn.

Another company to raise sizable funds recently is neobank Niyo Solutions. It raised $30m just months after bagging $100m for its Series C.

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