Gurugram-based fintech company MobiKwik's board has approved a special resolution for issuing Rs 880 crore worth of fresh equity shares through a public listing, as revealed in the regulatory filing with the Registrar of Companies (RoC).

This marks the company's second attempt to go public, following the filing of a draft red herring prospectus (DRHP) in July 2021. Initially, the company had planned to raise around Rs 1900 crore from the IPO, but the idea was later shelved.

According to the draft filing, the fresh issue will also involve a pre-IPO placement, as reported by The Economic Times. MobiKwik is reportedly working with DAM Capital Advisors and SBI Capital Markets for the listing, with the share sale expected to take place in 2024.

In its previous funding round, The fintech was valued at around $736 million. However, in October 2021, its valuation reached $1 billion in a secondary round through the sale of employee stock options (ESOPs).

While MobiKwik's revenue remained steady at Rs 539.46 crore in the financial year 2023, the company made progress in reducing losses. Losses decreased by 34.53 per cent, amounting to Rs 83.8 crore in the last fiscal year, as reported by Entrackr.

Major investments in MobiKwik come from Sequoia Capital and Bajaj Finance Limited. The company faces direct competition from payment apps like Google Pay, PhonePe, and Paytm. A PwC report suggests that India's digital payments market could reach $2.3 trillion by 2022-2030.