MOBIKWIK
RBI recognises Unified Fintech Forum as second self-regulatory body for fintech
The RBI had recognised the Fintech Association for Consumer Empowerment (FACE) as the first SRO-FT in August 2024, after it laid down the framework for recognising SROs in May.
MobiKwik expands digital forex retail service to six currencies
MobiKwik has expanded its digital foreign exchange service to six currencies, including the UAE dirham and euro. This new multi-currency offering is available through a partnership with NPCI Bharat BillPay Limited. Customers can now digitally book foreign currency and remit money overseas with transparent pricing. Currency notes can be collected through branches, and remittances are processed via bank redirection.
New-age firms' listing gains fade fast; IT deal renewal in focus
Happy Thursday! Some of the best-received new-age IPOs are now trading below their issue price, ET analysis shows. This and more in today’s ETtech Morning Dispatch.
New-age IPOs: Listing-day performance proves poor guide to long-term gains
Seven of 17 new-economy stocks that debuted at a premium to their issue prices now trade below them, an ET analysis of 27 companies showed. Four of the seven stocks that opened below their issue prices have since moved above them. The remaining three opened at their issue prices.
Govt moves to allow MDR; Qcomm braces for festive rush
Happy Tuesday! The government is proposing changes that could bring back merchant fees on select UPI transactions. This and more in today’s ETtech Morning Dispatch.
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Sarvam raises $75 million; Ather trims losses in Q1
AI startup Sarvam will raise $75 million as part of a larger funding round. This and more in today’s ETtech Top 5.
One MobiKwik Q1 Results: Firm reports profit for 3rd consecutive quarter; stock jumps 9% on strong performance
Fintech firm MobiKwik reported a consolidated profit of Rs 7.6 crore for the April-June quarter. This marks a significant turnaround from a net loss of Rs 41 crore in the prior year. Revenue from operations saw a modest increase of 3.7 percent to Rs 281.48 crore. The company highlighted three consecutive profitable quarters, reinforcing its business model's embedded profitability.
Mobikwik swings to Rs 7.6 crore net profit in Q1
Mobikwik achieved 3.7% revenue growth and its third profit quarter. Lower costs and improved lending margins boosted the company's bottom line. The lending business saw net margins rise significantly year on year. Payments gross merchandise value grew fifty percent on its platform. The company now has over 193 million users and five million merchants.
Mobikwik shares in focus as IPO lock-in expiry frees up stake worth Rs 317 crore for trade
The shares of the fintech platform had made a solid market debut in December, 2024, listing with nearly 59% premium over the IPO price at Rs 442.25 apiece on BSE. This came after the initial public offering (IPO) of the fintech platform that aimed to raise Rs 572 crore saw strong investor interest, being subscribed 119 times its offer size.
Mobikwik Q1 loss widens six-fold to Rs 42 crore, revenue falls 21%
Mobikwik's net loss widened significantly to Rs 41.9 crore in the June quarter, impacted by a sharp decline in financial services revenue and increased financial guarantee expenses. Operating revenue also decreased by 20.7% year-on-year. The company discontinued its smaller-ticket Zip loans, focusing on longer-tenure Zip EMI products, expecting improved performance in the second half of FY26 despite stock decline.
MobiKwik incorporates wholly owned NBFC subsidiary
One MobiKwik Systems has established Mobikwik Financial Services Pvt Ltd to provide non-bank financial services, including leasing and financing. This move follows its partnership with Poonawalla Fincorp for instant personal loans and the incorporation of Mobikwik Securities Broking Pvt Ltd. These expansions bring MobiKwik closer to competing with Paytm parent One97 Communications.
MobiKwik partners Piramal Finance to offer personal loans
Through its partnership with Piramal Finance, MobiKwik users across India will now have the ability to apply for and easily access personal loans through the platform. The loan amounts for ZIP EMI will range from Rs 50,000 to 2 lakh. ZIP EMI is a personal loan service provided by the fintech firm.
Mobikwik IPO subscribed 17 times, driven by retail investors
Mobikwik's IPO saw strong demand, with retail investors subscribing 58 times the allotted shares and the overall IPO subscribed 17 times by the second day. The company aims to raise Rs 572 crore, with the IPO set to list on December 18. They previously raised Rs 257.4 crore from anchor investors.
MobiKwik IPO opens for subscription on Wednesday; GMP at 34%. Check other details
One MobiKwik IPO GMP: The initial public offering (IPO) of One MobiKwik Systems, a digital payments platform, will open on December 11, aiming to raise Rs 572 crore. The IPO features a price band of Rs 265-279 per share and includes a fresh issue of up to 2.05 crore equity shares.
Payment platform Mobikwik gets Sebi nod for Rs 700 crore IPO
Gurugram-based One Mobikwik Systems has received approval from Sebi to launch its IPO, aiming to raise Rs 700 crore. The company plans to use the funds for growth in financial and payment services, technology investment, and capital expenditure. The IPO will be managed by SBI Capital Markets and DAM Capital Advisors.
MobiKwik files draft papers for Rs 700 crore IPO
MobiKwik's fresh issue will include a pre-IPO placement of Rs 140 crore.
Sequoia-backed Mobikwik said to pick banks for $84 million IPO
Mobikwik 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.
Mobikwik turns profitable, expects to almost double revenue to Rs 1,000 crore this fiscal
Fintech platform Mobikwik turned profitable in the March quarter and expects to almost double revenue to over Rs 1,000 crore in the current fiscal along with full-year profitability, the company's cofounder Upasana Taku said.
Inactive Mobikwik users face maintenance charge
E-wallet Mobikwik is going to charge consumers anywhere between Rs 100 and Rs 140 as “wallet maintenance charge” from inactive users, a first in the Indian market.
Amex partners Mobikwik to issue prepaid payments card with flexible credit limit
The card network is targeting around a million such digital cards on Mobikwik's platform, linked with the customer’s wallet accounts.
MobiKwik launches digital gold on its app
As the festive season has set in, MobiKwik has tied up with `SafeGold’, a digital platform that allows customers to buy, sell and receive vaulted gold.
MobiKwik acquires wealth management start-up Clearfunds
Domestic mobile wallet player, MobiKwik announced its foray into India's wealth management market
MobiKwik's 'Boost' to offer instant loan in 90 seconds
MobiKwik is the first wallet player to disburse loan amount in the user’s mobile wallet.
MobiKwik to launch cards by January
Taku said the company is in talks to partner with a bank and a card company to bring out the MobiKwik cards, but did not reveal the names.
Mobikwik crosses one lakh users for its Auto Recharge feature
Auto recharge was launched by MobiKwik in August 2016 to further accentuate the users’ experience while recharging or paying bills using MobiKwik.
Payment app MobiKwik ties up with 12 power distribution companies for bill payment gateway
The state electricity boards that have been roped in by MobiKwik are in Bihar, Madhya Pradesh, Odisha, Tripura, Meghalaya, Calcutta, Rajasthan and union territories of Daman and Diu.
MobiKwik partners with bus aggregator startup Shuttl
With the aim to make urban commute cashless, MobiKwik mobile payment solution will allow instant one-tap payments for rides placed through Shuttl's app.
MobiKwik partners with IRCTC to allow booking ticket through its wallet
This association will enable MobiKwik users to book railway tickets in a convenient and secure manner from their smartphones, said a release.
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