MobiKwik is eyeing a valuation of USD 1 billion at its public market listing.

The new funding marks the re-entry of SoftBank on Flipkart’s cap table after three years.

Since the fall in the number of rides last year, the company has been focusing on getting its EV business up and running as soon as possible.

Investcorp’s total assets under management in India are currently around USD 450–500 million. It plans to triple that to USD 1.5 billion in the next few years.

In 2019, Ola had said it would go public by March 2021. However, the pandemic has derailed its plans and it’s currently focusing on building its electric vehicle fleet.

Taking a cue from the Thrasio-model, a bunch of local startups like 10Club, Upscalio, and Mensa, are buying digital brands to become the online version of P&G or Unilever in the country.

With the most recent funding, the three-year-old startup has now raised USD 183 million across three rounds.

At USD 1.5 billion, SaaS accounted for the second-highest quantum of investments after consumer tech in India last year.