One MobiKwik Systems Limited has announced that its wholly-owned subsidiary, Mobikwik Securities Broking Private Limited (MSBPL), has received approval from the Bombay Stock Exchange (BSE) to commence its stock broking business. The BSE has enabled MSBPL on its platform with effect from February 24, 2026, marking a significant milestone in the company's expansion into securities broking services.

Regulatory Approval Timeline

The securities broking subsidiary has achieved several key regulatory milestones over the past year, culminating in full operational authorization. The development timeline shows a systematic progression toward complete regulatory compliance.

Business Authorization Scope

With the latest BSE approval in place, MSBPL is now authorized to begin comprehensive broking operations on the BSE platform. The subsidiary can carry out activities including buying, selling, dealing, clearing and settlement of equity trades. This authorization represents the completion of key regulatory steps required for the subsidiary to operationalize its stock broking business.

The company has maintained full regulatory compliance throughout the development process, with all intimations filed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Management Commentary

Commenting on the development, Upasana Taku, Executive Director, Co-founder & CFO of MobiKwik, stated that the BSE approval represents "a pivotal step in MobiKwik's evolution into a scaled financial services platform." She highlighted India's incredible growth in retail investor participation and expressed confidence that the platform can help demystify investing for users taking their first steps into the markets.

Strategic Expansion into Financial Services

This development represents One MobiKwik Systems' strategic expansion into the securities broking sector through its dedicated subsidiary structure. The company, which serves 186.60 million registered users and 4.79 million merchants, has been expanding its financial product distribution beyond traditional payment services.

According to the RedSeer Report, MobiKwik holds the fourth-highest user base in India by total registered users and maintains an 18.00% market share of the PPI wallet gross transaction value as of December 2025. The stock broking approval enables the company to leverage this extensive user base for securities services.

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.

Object-wise Fund Deployment

The company's IPO proceeds were allocated across six specific objectives, with varying levels of utilization reported for Q3FY26:

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:

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.