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MobiKwik secures INR 10 crore term loan ahead of IPO

EditorAhmed Abdulazez Abdulkadir
Published 01/19/2024, 10:52 AM
© Reuters.

GURUGRAM, INDIA - In a strategic move to bolster its financial position, Indian digital payments company MobiKwik has secured a term loan of INR 10 crore ($1 = ₹83.11) from Equentia Financial Service Pvt. Ltd. The board's approval of the loan is aimed at addressing the company's working capital needs.

MobiKwik's financial journey reflects a trajectory of growth and stability. In the first half of the fiscal year 2024, the company not only reported profits but also revealed an increase in operating revenues, signaling a strong performance and profitability. This is a marked improvement over the fiscal year 2023, where MobiKwik managed to reduce its net loss while maintaining its operating revenues from the previous year.

The company is also looking to expand its financial horizons with an Initial Public Offering (IPO). Prior to today, MobiKwik filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), indicating plans to raise funds by issuing new shares to the public.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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