Gurugram: The Securities and Exchange Board of India (SEBI) has approved One Mobikwik Systems to launch its Initial Public Offering (IPO) in the market. The company had submitted its IPO papers with SEBI in January this year.
The company aims to raise Rs 700 crore through the IPO out of which it will use Rs 250 crore for funding growth in the financial services business while Rs 135 crore for improving growth in the payment services business. In addition, another Rs 135 crore will be utilized for investment in data, Machine Learning and Artificial Intelligence, and product and technology, while Rs 70.28 crore will be used for capex for payment devices business and general corporate purposes.
One Mobikwik Systems is a fintech company operating a platform business with a dual payment network for both consumers and merchants. It was established by Bipin Preet Singh and Upasana Taku to enhance financial inclusion for underserved populations in India. It offers a wide range of payment services including online checkout, Merchant Cash, Advance MobiKwik Vibe (Soundbox), MobiKwik EDC Machine, and Kwik QR scan and pay.
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