IPO-Bound MobiKwik Reports Net Loss of INR 6.6 Crore in 1st Quarter of Current Fiscal Year, Expenses Surge
IPO-bound MobiKwik reports a net loss of INR 6.6 crore in the first quarter of the current fiscal year, with expenses surging.
New Delhi, December 6: IPO-bound fintech firm MobiKwik reported a net loss of Rs 6.6 crore in the first quarter of the current financial year (FY) 2024-25, from Rs 3 crore profit in the same quarter in the previous financial year (FY24). The company's operating income stood at Rs 342.2 crore during the April-June period of the current financial year. If the other income of Rs 3.5 crore is included, then the total income of Mobikwik during the review period was Rs 345.8 crore.
The company's operating income was Rs 875 crore in FY24 and Rs 539.5 crore in FY23. In the first quarter of FY25, Rs 343.6 crore was spent by the company. During this period, MobiKwik spent Rs 127.6 crore on the payment gateway, Rs 39.2 crore for the benefit of employees, and Rs 33.7 crore for business promotion. Apart from this, the lending operational cost of the company stood at Rs 93.4 crore in the April-June period. MobiKwik IPO Worth INR 572 Crore Opening for Subscription From December 11 in Price Band Between INR 265–279.
The company's expenditure in FY24 was Rs 853 crore, and in FY23, it was Rs 617 crore. For the last fiscal, the company had reported a net profit of Rs 14 crore against a loss of Rs 83.8 crore in the previous year (FY23). The IPO issue has been reduced to Rs 572 crore (with no offer of sale component) in the Red Herring Prospectus (RHP) filed by Mobikwik with market regulator Securities and Exchange Board of India (SEBI), from Rs 700 crore earlier.
MobiKwik has fixed the price band of Rs 265-Rs 279 per equity share of face value Rs 2 each for its maiden initial public offer. The company's IPO will open for subscription on December 11 and close on December 13. Investors can bid for a minimum of 53 equity shares and in multiples of 53 equity shares thereafter. SK hynix Creates New Units for Next-Gen Artificial Intelligence Chip Development to Strengthen Its Leadership in Fast-Growing AI Memory Sector
The proceeds from its fresh issuance will be utilised to the extent of Rs 150 crore for funding organic growth in its financial services business; Rs 135 crore for funding organic growth in its payment services business; Rs 107 crore for Research and development investment in data, ML and AI and product and technology; Rs 70.28 crore for capital expenditure for its payment devices business; and general corporate purposes, according to the company. MobiKwik was founded by Bipin Preet Singh and Upasana Taku in 2019. It is a digital banking platform that provides services to customers and merchants.
(The above story first appeared on LatestLY on Dec 06, 2024 06:53 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).