The UAE’s sovereign wealth fund Abu Dhabi Investment Authority (ADIA) has reportedly acquired a minority stake in Indian digital payments firm MobiKwik for around $20m.

The companies did not disclose the size of the stake acquired by ADIA.

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The deal values MobiKwik at $700m, according to a Registrar of Companies (RoC) filing by the IPO-bound firm.

It was reported earlier this year that the payment firm is looking to go public before September in a move that would propel itself to the unicorn club.

Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik serves over 3 million merchants.

The firm has raked in investment from investors including ex-Blackstone India head Mathew Cyriac, Padma awardee Sat Pal Khattar, and former Infosys CIO VG Dheeshjith.

This includes a $7.05m funding round last December led by HT group’s investment arm Hindustan Media Ventures and $50m financing in 2016.

The company also entered the wealthtech space with the takeover of Mumbai-based Clearfunds.

Earlier this year, MobiKwik was in the news after personal data of 9.9 million of its customers were allegedly stolen by hackers.

The Reserve Bank of India ordered the firm to conduct a forensic audit although the firm denied the allegations.

In 2017, India’s state-run telecom company Bharat Sanchar Nigam entered into a strategic partnership with digital payments firm MobiKwik to launch a co-branded mobile wallet.

The same year, the firm collaborated with South Korean tech giant Samsung Electronics, to integrate MobiKwik wallet with Samsung Pay Mini to enable one-tap payments in India.

In 2016, Bitcoin startup Unocoin partnered with MobiKwik to allow Unocoin users to load their MobiKwik wallets using bitcoin.