One Mobikwik Systems Ltd. has selected banks for its initial public offering in Mumbai that could raise about $84 million, according to people familiar with the matter.

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The Gurugram-based fintech firm is working with DAM Capital Advisors Ltd. and SBI Capital Markets Ltd. for preparations of its listing, the people said, asking not to be identified as the information is private. The company is aiming to file an initial prospectus as soon as next month and a share sale could happen in 2024, they said.

Deliberations are ongoing and details including fundraising size and timeline could still change, the people said. Representatives for DAM Capital and SBI Capital declined to comment. A spokesperson for Mobikwik also declined to comment and said the company continues to evaluate various options for growth.

Founded in 2009, Mobikwik is one of the largest mobile wallets and buy now, pay later service providers in India, according to its website. It has more than 101 million registered users and over 3 million e-commerce, retail and biller partners. Abu Dhabi Investment Authority, American Express Co. and Sequoia Capital are among its backers.

The company turned profitable toward the end of 2021 but deferred its IPO plans following a rout in technology company shares including that of its larger rival Paytm, which went public in November 2011.

Mobikwik would be joining a record number of small- and medium-sized companies going public in India amid an equities rally, making the country one of the world’s busiest listings markets this year. So far in 2023, 205 firms have gone public in the South Asian nation, more than in any other full year, according to data compiled by Bloomberg.