[[{“value”:”
Shares of fintech company Mobikwik surged as much as 15.6% to INR 254.15 during the intraday trading on the BSE today, snapping a six-session losing streak.
However, the stock gave up some of the gains to end the session 7.9% higher at INR 237.25 on the BSE. MobiKwik’s market capitalisation stood at INR 1,854.16 Cr (around $210 Mn) at the end of the session.
Today’s rally came after the downward spiral of the stock for the past month or so. The decline began after its weak Q1 performance.
MobiKwik’s net loss surged nearly 535% YoY to INR 41.9 Cr in Q1 FY26 but narrowed 25.2% sequentially from INR 56 Cr. Operating revenue declined 20.7% YoY to INR 271.4 Cr during the quarter. On a sequential basis, revenue rose marginally from INR 267.8 Cr.
Prior to today’s session, the stock had tumbled over 10% since the announcement of its Q1 numbers. It even slumped to an all-time low of INR 218 apiece on August 28.
On a year-to-date basis, the stock has crashed over 60%.
Mobikwik made its stock market debut in December last year, listing at a 58.5% premium to the IPO issue price of INR 279. Its shares are currently around 15% lower from its issue price and around 65% lower from its 52-week high of INR 698.30.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik is a digital banking platform that offers a suite of financial products for both consumers and merchants. Its revenue streams include payments revenue, payment gateway services, financial services and investment, among others.
Cofounder and CFO Taku told Inc42 that FY25 was one of the best years for the company, but a sharp change in sentiment towards unsecured lending, triggered by RBI regulations on peer-to-peer (P2P) lending, forced MobiKwik to shut or restructure key lending products like Xtra and Zip. This led to a sharp decline in lending revenue and user activity.
In order to ramp up its revenue, MobiKwik recently entered the stockbroking sector and is targeting the underserved tier II and Bharat markets, avoiding competition in tier I cities dominated by Groww and Zerodha.
The post Mobikwik Shares Rally 15.6% To INR 254.15 appeared first on Inc42 Media.
“}]]
Read More Latest Startup News From The Indian Startup Ecosystem – Inc42 Media