Mobikwik enters Unicorn club

Ipo-bound fintech firm Mobikwik has turned Unicorn after a recent secondary ESOP sale round led by former Blackstone India head Mathew Cyriac, sources aware of the development said on Tuesday. Mobikwik employees exercised their ESOPS (Employee stock ownership) in a recently opened window by selling part of their shares in a secondary sale.

“The secondary round was led by ex-blackstone India Head, Mathew Cyriac, who topped up his holding at almost double of his previous price,” the sources said.

The transaction size could not be ascertained.

Mobikwik did not respond to the email query sent in this regard. “The transaction in the round took place at an enterprise valuation of around $1 billion," the sources said.

The last valuation shared by Mobikwik was $720 million in May 2021, after $20-million stake purchase by UAE'S sovereign wealth fund Abu Dhabi Investment Authority.