Fintech unicorn The Securities and Exchange Board of India (SEBI) has approved MobiKwik’s INR 700 Cr initial public offering (IPO), which will allow it to grow its financial services and payments operations.
On September 19, the markets regulator sent the unicorn with its headquarters located in Delhi NCR an observation letter. In the vernacular of SEBI, issuing an observation signifies approval to proceed with the public offering.
The only component of MobiKwik’s IPO will be a new equity share issue; there won’t be any offer for sale.
The startup intends to deploy INR 250 Cr of this to support the expansion of its financial services business. An additional INR 135 Cr will be allocated to data, machine learning (ML), artificial intelligence (AI), and product development, in addition to the INR 135 Cr utilized to support the growth of its payments business.
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