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Bengaluru-based startup Slikk Club has secured $3.2 million in seed funding led by Lightspeed, with participation from Multiply Ventures and notable angel investors. The funds will facilitate the opening of new dark stores and enhance the leadership team as the company aims to cover 80% of Bengaluru's pincodes.Founded in 2024, Slikk Club specializes in delivering fashion items within 60 minutes, offering instant returns and refunds. With over 80 brands on its platform, including Snitch and Bewakoof, the startup plans to expand its offerings by adding 100 more brands in the next three months, positioning itself in India's burgeoning fashion quick commerce market projected to reach $200 billion by 2030.
Mobikwik's CEO, Bipin Singh, stated that the company's IPO valuation has been adjusted by 70% from its last private round in 2021 to ensure a more stable and justifiable pricing. He emphasized the importance of aligning the IPO price with the company's long-term vision and maintaining investor confidence. This adjustment aims to make the valuation more realistic and in line with current market expectations.
MobiKwik has reduced its IPO size from Rs 1,900 crore to Rs 572 crore, with anchor bidding set to begin on December 10 and the issue closing on December 13. Founder Bipin Preet Singh explained that the company no longer needs as much capital due to its profitability and changing market conditions. Initially filed in July 2021, the IPO size has been cut multiple times, reflecting a shift from a growth-at-all-costs strategy.
Bipin Singh
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Slikk Club secures 3.2 million funding to expand fashion quick commerce in India
09:30 18.03.2025
Mobikwik CEO Justifies IPO Valuation Adjustment for Investor Confidence
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MobiKwik Reduces IPO Size to 572 Crore Amid Profitability Shift
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