IPO · Financial Services

MobiKwik seeks shareholder approval to revise IPO fund use

What they do

MobiKwik seeks approval to reallocate ₹60.85 Cr from financial services growth to subsidiary MDSPL

The plan shifts ₹33.65 Cr from payment devices to payment services business

RBI granted in-principle approval for payment aggregator-physical licence last week

MobiKwik issued a postal ballot notice on 2 Jun 2026 to seek shareholder approval for revising the use of unspent IPO proceeds.
The company raised ₹572 Cr through its IPO in Dec 2024, receiving net proceeds of ₹530.5 Cr after expenses.
As of 31 Mar 2026, MobiKwik had utilised ₹348.4 Cr of these funds, leaving an unspent balance of ₹182.2 Cr.
The proposed reallocation plan involves diverting ₹60.85 Cr from organic growth to its wholly owned subsidiary, MobiKwik Distribution Services Private Limited (MDSPL).
Another ₹33.65 Cr will be shifted from the payment devices business to support the payment services business.
The company plans to assign ₹3.91 Cr from unutilised IPO issue expenses toward general corporate purposes.
A timeline extension allows the utilisation of ₹25.26 Cr for data, machine learning, AI, product, and technology initiatives until FY27.
The share price ended 0.49% higher at ₹194.4 on the BSE on 2 Jun 2026.

The restructuring aligns with RBI NBFC licence conditions by moving lending services to MDSPL via a slump sale.
Regulatory approvals are expanding MobiKwik's operational scope, including recent RBI nod for online payment aggregation.
The company amended its memorandum to include activities like UPI, cards, and wallets as a payment aggregator.

MobiKwik operates as a digital payments and financial services platform serving Indian consumers and merchants.
The company is shifting its lending services provider business to a subsidiary linked to regulatory compliance.
MobiKwik has received in-principle approval for a payment aggregator-physical (PA-P) licence from the RBI.
Its subsidiary Zaakpay obtained RBI nod for online payment aggregator operations last year.
The business model includes processing transactions via UPI, cards, and digital wallets.
Recent amendments allow the company to formally operate as a payment gateway and intermediary.

Shareholders must vote on the postal ballot to approve the revised utilisation of funds.
The company aims to complete the slump sale of lending services to MDSPL per RBI conditions.
MobiKwik plans to expand its AI and technology initiatives using the extended timeline for specific funds.