One Mobikwik Systems544305Routine SEBI update

Monitoring agency report: deviation from objects Nil on Rs. 572 crore IPO proceeds

CARE Ratings has issued its quarterly monitoring agency report on how One MobiKwik used the money raised in its IPO.

By ScoutQuest · Tue 3 Nov 2026, 6:52 PM IST · 3 min read

₹150.00 CrOriginal cost: funding organic growth in financial services business

Revised cost: funding organic growth in financial services business₹89.15 Cr

Revised cost: investment in MobiKwik Distribution Services Private Limited₹60.85 Cr

Original cost: funding organic growth in financial services business ₹150.00 Cr: Revised cost: funding organic growth in financial services business ₹89.15 Cr, Revised cost: investment in MobiKwik Distribution Services Private Limited ₹60.85 Cr.

IPO proceeds monitored: Rs. 572 crore
Deviation from stated objects: Nil. Range of deviation: Not applicable.
Revised object amounts (special resolution dated July 02, 2026): organic growth in financial services Rs. 89.15 crore (from Rs. 150.00 crore); Rs. 60.85 crore to MobiKwik Distribution Services Private…

What has been shared

One MobiKwik Systems has submitted the Monitoring Agency Report prepared by CARE Ratings Limited for the quarter ended September 30, 2026. A monitoring agency is appointed when a company raises money from the public, and its role is to independently track whether that money is being used for the purposes stated in the offer document. The report covers the Rs. 572 crore raised through the company's Initial Public Offer of equity shares, an issue period that ran from December 11, 2024 to December 13, 2024.

Deviation from the stated objects: Nil

CARE Ratings states the deviation from the objects is Nil, and the range of deviation is Not applicable.
All utilisation is recorded as being as per the disclosures in the Offer Document.
There was no material deviation in the objects, and no change in the means of finance for the disclosed objects.
No major deviation was observed over the earlier monitoring agency reports.

What did change: a shareholder-approved revision

The report records a revision in objects, terms of utilisation and amounts, as well as an extension of the time limit for utilisation of IPO proceeds, on the basis of a special resolution passed by members on July 02, 2026.

Item 1, "Funding organic growth in financial services business", carries a revised cost of Rs. 89.15 crore against an original cost of Rs. 150.00 crore in the Offer Document.
New item 1A covers investment in MobiKwik Distribution Services Private Limited (formerly MobiKwik Credit Private Limited), a wholly-owned subsidiary, with a revised cost of Rs. 60.85 crore.
The Monitoring Agency's comment on both is "Noted".

How spending was routed in the quarter

For the amount utilised in Q2FY27, the report notes that all payments were made through CC/OD accounts from Jan-2026 to Sep-2026 and later reimbursed from the monitoring account in Sep-2026. This is a routing observation, recorded as "Noted".

What this document is, and what to look at

This is a periodic compliance disclosure about the use of IPO money. The headline takeaway is that the deviation from the stated objects is Nil for the quarter, while the plan itself was re-cut earlier under a shareholder resolution. The two figures worth tracking against the original plan are Rs. 89.15 crore (down from Rs. 150.00 crore for organic growth in financial services) and Rs. 60.85 crore (investment in the wholly-owned distribution subsidiary). The report also states that there are no favourable or unfavourable events affecting the viability of the objects, and that there is no other relevant information that may materially affect investor decision-making.

Basis of the report

The Monitoring Agency relies on a chartered accountant certificate from DYP Jain & Chartered Accountants dated October 27, 2026, which provides limited assurance, and a management certificate dated October 21, 2026, along with the special resolution, fixed deposit receipts, bank statements and invoices. The agency states it does not perform an audit and undertakes no independent verification of the information it receives.

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