Monitoring Agency Report for the quarter ended March 31, 2025
MOBIKWIK · price
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One Mobikwik Systems Limited has submitted the Monitoring Agency Report from CARE Ratings Limited for Q4 FY25, tracking the use of the Rs. 572 crore raised via its IPO in December 2024. The report confirms there is no deviation from the stated objects, with Rs. 150 crore deployed so far and Rs. 422 crore still unutilised, mostly parked in fixed deposits (Rs. 378.5 crore) and monitoring/public issue accounts. Of the deployed amount, Rs. 65 crore went to general corporate purposes, Rs. 52.19 crore to payment services growth, Rs. 18.30 crore to financial services growth, Rs. 13.06 crore to R&D, and Rs. 1.45 crore to payment device capex. The report also flags concerns: rising Q3 FY25 losses, a Rs. 1.26 crore misappropriation by a former employee via altered merchant details, and the resignation of Co-Founder & CEO (Payments) Mr. Chandan Joshi effective January 24, 2025.
Clean tracking of IPO proceeds with no deviation is a governance positive, but the large unutilised balance (nearly 74% of the IPO size), rising losses, an internal fraud episode, and a senior co-founder exit may weigh on near-term investor sentiment.