Monitoring Agency Report for the quarter ended September 30, 2025
MOBIKWIK · price
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CARE Ratings, the Monitoring Agency for Mobikwik's Rs. 572 crore IPO (Dec 2024), submitted its report on use of proceeds. Out of the total, Rs. 275.37 crore has been utilized so far while Rs. 261.96 crore remains unutilized and is parked in fixed deposits across HDFC, ICICI, Kotak and Axis Bank, earning Rs. 4.83 crore in interest. Key deployment has been towards financial services growth (Rs. 64.54 crore), payment services (Rs. 87.75 crore), and R&D in AI/ML (Rs. 49.73 crore). General corporate purpose funds of Rs. 68.23 crore were fully utilized but with a 6-month delay, mainly for managing settlement mismatches in the payments business. The report flags that Mobikwik has reported losses for several quarters, and that a technical glitch on Sept 11-12, 2025 led to unauthorized payouts and fraudulent transactions worth about Rs. 40 crore (71% recovered, 29% provided for). Two senior executives — VP of Data-Shared Services and COO (Payments Operations) — resigned in October 2025.
Investors should note the slow deployment of IPO funds, ongoing quarterly losses, the Rs. 40 crore fraud incident, and recent senior management exits — all of which are negative signals that could weigh on the stock. However, there are no material deviations from the stated IPO objects, and the unutilized proceeds are safely parked in bank FDs.