Shardul Amarchand Mangaldas Advises One Mobikwik Systems on Investment by Bajaj Finance

Shardul Amarchand Mangaldas & Co. (SAM & Co.) advised One Mobikwik Systems Private Limited (Mobikwik) in relation to Rs. 225 crore equity investment in Mobikwik by Bajaj Finance Limited (Bajaj Finance). Mobikwik is the second largest mobile wallet payments company in India with over 55 million users and more than 1.5 million merchants.

The Private Equity Group of SAM & Co’s General Corporate Practice advised on structuring the transaction from an Indian regulatory perspective; drafting transaction documents and assisted in closing and post-closing actions. The transaction team was led by Mr. Amit Khansaheb, Partner; and included Mr. Rishi Jain, Partner; Mr. Tejas Patel, Senior Associate and Ms. Vidushi Gupta, Associate.

As a part of the transaction, Bajaj Finance will acquire 10.83% stake in Mobikwik for Rs. 225 Crore and a commercial arrangement shall be entered into by the two entities to offer a co-branded mobile wallet to the customers of Bajaj Finance and Mobikwik. The strategic partnership with Bajaj Finance, which is a leading player in the lending products market, marks Mobikwik’s entrance into the credit lending space.

The parties involved in the transaction include One Mobikwik Systems Private Limited (the Company); Bipin Preet Singh and Upasana Rupkrishan Taku (the Promoters); Bajaj Finance Limited (the Incoming Investor); American Express Travel Related Services Company, Inc., Net1 Applied Technologies Netherlands B.V., Sequoia Capital India Investments IV, Sequoia Capital India Investment Holdings III, Tree Line Asia Master Fund (Singapore) Pte. Limited, GMO Global Payment Fund Investment Partnership, Cloud Ranger Limited and Cisco Systems (USA) Pte. Ltd. (the Existing Investors).

Other advisors to the transaction were AZB & Partners (represented Treeline and Cisco); Themis Associates (represented Sequoia); Chitale Law Associates (represented Bajaj Finance Limited); and Cliff Dekker Hofmeyer Inc., South Africa and Desai & Diwanji (represented Net1).

About Shardul Amarchand Mangaldas & Co.

With the legacy of a century, Shardul Amarchand Mangaldas & Co., established in 2015, is one of India’s leading law firms rated by international organisations, law directories and professional journals. As a full service law firm, Shardul Amarchand Mangaldas is renowned in the business community for its ability to enable business, its innovative solutions, responsiveness and collaboration with its clients. The Firm continues its journey as “a young and wise firm” in its “Centenary Year of Excellence”.

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