Monitoring Agency Report for the quarter ended June 30, 2025
MOBIKWIK · price
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CARE Ratings, the monitoring agency for MobiKwik's Rs. 572 crore IPO (held December 11-13, 2024), confirmed that proceeds have been used as per the offer document with no deviations. As of June 30, 2025, the company has utilized Rs. 214 crore in total, including Rs. 64 crore deployed during the quarter. The unutilized Rs. 358 crore is parked in fixed deposits (Rs. 315 crore), the monitoring account (Rs. 1.16 crore), and the public issue account (Rs. 41.84 crore). Deployment was highest in payment services (Rs. 69.9 crore of Rs. 135 crore planned) and general corporate purposes (Rs. 65 crore of Rs. 68.23 crore), while capex on payment devices saw the lowest utilization (Rs. 2.39 crore of Rs. 70.29 crore). The agency flagged that the company reported losses in FY2025 due to changes in industry and regulatory landscape. A minor delay in general corporate purpose utilization (Rs. 3.23 crore) was noted, which the company says may be rolled over to FY2025-26.
Shareholders can be reassured that IPO funds are being used as promised, with no diversion. However, the report highlights FY2025 losses and slow deployment in certain areas (especially payment devices capex), which may raise concerns about execution speed and the company's path to profitability.