News Corporate Actions MobiKwik Submits Q3FY26 IPO Proceeds Monitoring Report with Rs. 224.29 Crore UnutilizedMobiKwik Submits Q3FY26 IPO Proceeds Monitoring Report with Rs. 224.29 Crore Unutilized
One MobiKwik Systems Limited submitted its Q3FY26 monitoring agency report showing Rs. 224.29 crore of IPO proceeds remain unutilized out of Rs. 572 crore raised. The company deployed Rs. 37.67 crore during the quarter across various objectives including financial services growth, payment services expansion, and R&D activities. CARE Ratings confirmed no deviations from stated objectives, though noted potential spillover of fund utilization beyond FY2026 for certain objectives.
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One MobiKwik Systems Limited has filed its quarterly monitoring agency report for Q3FY26, providing detailed insights into the utilization of proceeds from its Rs. 572 crore Initial Public Offer (IPO). The report, prepared by CARE Ratings Limited and dated February 03, 2026, covers the quarter ended December 31, 2025.
IPO Proceeds Utilization Overview
The monitoring agency report reveals that the company has utilized Rs. 347.71 crore out of the total Rs. 572 crore raised through its IPO, leaving Rs. 224.29 crore unutilized as of December 31, 2025. The IPO was conducted from December 11, 2024 to December 13, 2024, with equity shares being the specified securities offered.
| Parameter | Amount (Rs. Crore) |
|---|---|
| Total IPO Size | 572.00 |
| Amount Utilized | 347.71 |
| Amount Unutilized | 224.29 |
| Utilization During Q3FY26 | 37.67 |
Object-wise Fund Deployment
The company's IPO proceeds were allocated across six specific objectives, with varying levels of utilization reported for Q3FY26:
| Objective | Allocated Amount (Rs. Crore) | Utilized Amount (Rs. Crore) | Remaining (Rs. Crore) |
|---|---|---|---|
| Funding organic growth in financial services business | 150.00 | 71.98 | 78.02 |
| Funding organic growth in payment services business | 135.00 | 97.61 | 37.39 |
| Research and development in data, ML and AI | 107.00 | 65.77 | 41.23 |
| Capital expenditure for payment devices business | 70.29 | 8.77 | 61.52 |
| General Corporate Purpose | 68.23 | 68.23 | - |
| IPO related expenses | 41.48 | 35.35 | 6.13 |
Quarterly Utilization Activities
During Q3FY26, the company deployed funds across multiple objectives. For financial services business growth, Rs. 7.44 crore was utilized to provide First Loss Default Guarantee (FLDG) to lending partners. The payment services business received Rs. 9.86 crore for marketing activities focused on customer acquisition and banking operations.
The research and development segment saw significant investment of Rs. 16.04 crore during the quarter, utilized for payroll and technology development as per submitted invoices. Capital expenditure for payment devices business consumed Rs. 3.65 crore for device purchases, while IPO-related expenses accounted for Rs. 0.68 crore during the quarter.
Fund Deployment and Investment Strategy
The unutilized proceeds of Rs. 224.29 crore are strategically deployed across different instruments to ensure capital preservation and earning potential:
| Deployment Type | Amount (Rs. Crore) |
|---|---|
| Fixed Deposits | 225.50 |
| Monitoring Account Balance | 0.69 |
| Public Issue Account Balance | 1.54 |
| Total Deployment | 227.73 |
| Less: Interest Earned | 3.44 |
| Net Unutilized Amount | 224.29 |
The company has placed the majority of unutilized funds in fixed deposits with scheduled commercial banks, including HDFC Bank, Kotak Bank, and Axis Bank, earning returns ranging from 5.25% to 7.80%.
Compliance and Monitoring Assessment
CARE Ratings Limited, serving as the monitoring agency, confirmed that all IPO proceeds have been utilized appropriately for the objectives mentioned in the offer document. The report indicates no material deviations from expenditures disclosed in the offer document, with no changes in the means of finance for disclosed objects.
However, the monitoring agency noted some concerns, including delays in utilizing proceeds toward general corporate purposes and reported losses by the company till Q2FY2026 due to changes in industry and regulatory landscape. The agency anticipates that utilization toward certain objectives may spill over beyond FY2026, despite the original timeline stipulated in the offer document.
The monitoring agency's assessment confirms the company's adherence to regulatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
Historical Stock Returns for One Mobikwik Systems
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.52% | +22.02% | +2.95% | +0.45% | -42.14% | -55.43% |
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