The Securities and Exchange Board of India (SEBI) has given the go-ahead for One Mobikwik Systems to initiate its Initial Public Offering (IPO). The fintech firm submitted its IPO documents to SEBI back in January of this year.
Mobikwik plans to secure ₹700 crore through this IPO, with intentions to allocate ₹250 crore towards expanding its financial services sector. Additionally, ₹135 crore is earmarked for enhancing its payment services operations. The company will invest another ₹135 crore in data analytics, machine learning, artificial intelligence, as well as product and technology advancements. Furthermore, ₹70.28 crore will be directed towards capital expenditures for payment devices and other general corporate needs.
Founded by Bipin Preet Singh and Upasana Taku, One Mobikwik Systems operates a platform designed to facilitate a dual payment network catering to both consumers and merchants. Its mission is to promote financial inclusion for underserved segments of the Indian population. The company offers a diverse array of payment solutions, including online checkout services, Merchant Cash, Advance MobiKwik Vibe (Soundbox), MobiKwik EDC Machine, and Kwik QR scan and pay functionalities.