In a strategic move to strengthen its financial standing, MobiKwik, a key player in the Indian digital payments sector, has successfully secured a substantial INR 10 crore loan from Equentia Financial Service Pvt. Ltd. This strategic decision is focused on ensuring that MobiKwik maintains sufficient liquidity to meet its day-to-day operational needs.
The fiscal trajectory of MobiKwik not only highlights robust growth but also underscores a commendable level of resilience. In the initial half of 2024, the company not only attained profitability but also experienced a significant surge in operating revenues. This notable upswing serves as a compelling indicator of MobiKwik's flourishing financial performance and sustained profitability. Importantly, this performance marks a noteworthy advancement compared to the fiscal year 2023, where MobiKwik not only successfully reduced its losses but also sustained its operational income at a level consistent with the preceding year.
In its pursuit of expanding its financial reach, MobiKwik is actively considering entering the public domain. Recently, the company officially submitted its comprehensive plan, the Draft Red Herring Prospectus (DRHP), to the Securities and Exchange Board of India (SEBI). This carefully crafted plan outlines MobiKwik's ambitions to raise capital by issuing new shares to the public, representing a strategic move aimed at fostering further growth and seizing emerging market opportunities. This strategic decision aligns seamlessly with MobiKwik's overarching vision of establishing itself as a pivotal player in the dynamically evolving realms of digital payments and financial technology.