MobiKwik, an Indian financial services startup, has cut the size of its planned IPO for the third time, setting a price band of ₹265-₹279 ($3.1-$3.3) that values it at $250 million — down sharply from its last private valuation of $924 million in 2021.

The Gurugram-based fintech, backed by Peak XV and ADIA, is seeking to raise about $69 million in the IPO, well below the $255 million it initially targeted back in 2021. The IPO opens on December 11, and the stock will start trading on December 18.

The 15-year-old startup operates one of the most widely used mobile wallet apps in India. But it has struggled to maintain relevance after a government-backed protocol, UPI, saw broader adoption. The company has raised more than $268 million to date.

MobiKwik says it will use the proceeds from the IPO to fund its growth and to invest in AI. The startup serves 161 million users and 4.26 million merchants.