Indian payments platform MobiKwik has raised $20 million from sovereign wealth fund Abu Dhabi Investment Authority (ADIA). Separately, GoMechanic has raised $35 million from investment firm Tiger Global Management.
MobiKwik raises $20m from ADIA
MobiKwik’s board has approved the allotment of 83,165 Series G preference shares and one equity share at the price of Rs 17,916 apiece to ADIA. Following the investment, ADIA has acquired a 2.78% stake in the Gurugram-based payments company.
The company had last raised $5 million from a clutch of investors this April. According to a Mint report in March, the company was targeting an initial public offering (IPO) before September that could raise between $200 million and $250 million at a valuation of more than $1 billion.
Tiger Global invests in GoMechanic
The startup’s board has approved the allotment of 4,722 Series C preference shares at an issue price of Rs 541,061 to raise the aforesaid amount, Entrackr reported.
Founded by Kushal Karwa, Amit Bhasin, Rishabh Karwa and Nitin Rana, GoMechanic is a network of tech-enabled car service centres. It claims to have more than 500 service partners on its platform that offer over 10,000 car services a month.
GoMechanic had raised an undisclosed sum from Pawan Munjal, chairman and managing director of Hero MotoCorp Ltd, in June last year.