The capital markets regulator sent back its final observations on September 19, according to the details published on Sebi’s website. Emailed queries to Mobikwik went unanswered.
Mobikwik had then said that it will look to raise Rs 140 crore through a pre-IPO placement which, if conducted successfully, will further reduce the size of the public offering.
This is Mobikwik’s second attempt at a public listing, after it had filed its first draft prospectus back in 2021 when it planned to raise 1,900 crore.
In August, the Peak XV-backed startup had reported a net profit of Rs 14 crore on an operational revenue of Rs 875 crore. The payments-to-lending startup swung from losses in the previous year to a profit in FY24.
Mobikwik operates in the same space as Paytm, PhonePe and Freecharge, but on a much smaller scale. The company had said it has around 146 million users, which makes it much smaller than the competition. However, it wants to build a smaller, but focused fintech business across payments, instant credit and personal loans.
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Earlier this year, Mobikwik also secured in-principle approval from the Reserve Bank of India for a payment aggregator licence for its payment gateway subsidiary Zaakpay.