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IPO-bound MobiKwik is raising a term loan of ₹10 Crore from non-banking financial company (NBFC) Equentia Financial Service Private Ltd (CredAble) for its working capital needs. The board of MobiKwik passed a resolution on January 16 to avail of the loan.
The development comes days after the company filed its draft red herring prospectus (DRHP) with the markets regulator Securities and Exchange Board of India (SEBI).
The Peak XV Partners-backed startup is aiming to raise up to ₹880 crore via a fresh issue of shares in its upcoming initial public offering (IPO). The company’s board recently passed a resolution to raise ₹880 crore via fresh issue of shares. The fresh issue will also include a pre-IPO placement, according to the company filings with the Registrar of Companies (RoC). MobiKwik will likely file its draft red herring prospectus (DRHP) with SEBI following the approval.
Last year, MobiKwik said it posted its second consecutive quarterly profit for the quarter ending September 30. For the September quarter, Mobikwik recorded a revenue of ₹208 crore, up 17 per cent from the previous three months, while total profit stood at ₹5 crore. On a half-yearly basis, total revenue of the start-up stood at ₹385 crore, while total profit was ₹8 crore for the fiscal year 2024.
MobiKwik claims to have 140 million users, with a quarter of them (roughly 35 million) being active.
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