One Mobikwik Systems Limited has submitted its Monitoring Agency Report for the quarter ended December 31, 2025, detailing the utilization of its Initial Public Offer (IPO) proceeds. The company raised ₹572 crore through its IPO, which was issued between December 11 and December 13, 2024. As of December 31, 2025, a total of ₹224.29 crore of the IPO proceeds remain unutilized. This includes ₹225.50 crore held in fixed deposits with scheduled commercial banks, ₹0.69 crore in the monitoring account, and ₹1.54 crore in the public issue account. Notably, the company earned ₹3.44 crore in interest from temporary investments in fixed deposits. The report indicates that while there has been a delay in utilizing proceeds earmarked for General Corporate Purposes (GCP), amounting to ₹3.23 crore, it constitutes less than 5% of the total utilized amount. The Board of Directors has noted that there are no deviations from the stated objects in the prospectus, and the net proceeds were utilized for the purposes outlined. Significant unutilized amounts remain for several key objectives: ₹78.02 crore for funding organic growth in the financial services business, ₹37.39 crore for organic growth in the payment services business, ₹41.23 crore for research and development in data, ML, and AI, and ₹61.52 crore for capital expenditure for the payment devices business. The monitoring agency anticipates that the utilization towards these objects might extend beyond FY2026. The company reported losses until Q2FY26, attributed to changes in the industry and regulatory landscape. The report confirms that all utilization has been as per the disclosures in the Offer Document, with no material deviations or changes in the means of finance.
