BlackSoil Capital has provided debt totalling Rs 50 crore to the fintech company MobiKwik. The Gurugram-based company has received two debt financing rounds from the same investor in the past two years.
According to MobiKwik’s regulatory filing, which was obtained from the RoC, the board approved a special resolution to issue 1,000 NCDs (non-convertible debentures) at an issue price of Rs 5,00,000 apiece in order to raise Rs 50 crore.
In an attempt to raise Rs 700 crore for its initial public offering, Mobikwik recently filed a draft red herring prospectus (DRHP) with SEBI. This was the company’s second attempt at going public. Sources claim, however, that in light of Paytm’s growing risks, it might reevaluate its intention to go public.
The company intends to use Rs 250 crore of the IPO proceeds for financial services, per its most recent DRHP. It intends to invest Rs 135 crore in bolstering its product and technology and has set aside Rs 135 crore to finance the expansion of its payment services business.
In the first half of FY24, MobiKwik made 9.5 crore rupees in profits on 381 crore rupees in operating revenue. Its operating revenue increased to Rs 539 crore in FY23, a mere 2.37% increase. In FY23, the company recorded a loss of Rs 83.8 crore, a 34% decrease from Rs 128 crore in the previous fiscal year.
