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GURUGRAM, INDIA – In a strategic move to strengthen its financial position, Indian digital payments company MobiKwik has taken out a term loan of INR 10 crore. (1 dollar = 83.11 INR) of Equentia Financial Service Pvt. Ltd. Ltd. The board's approval of the loan is aimed at addressing the working capital needs of the company.
MobiKwik's financial history reflects a trajectory of growth and stability. In the first half of fiscal 2024, the company not only reported profits but also revealed an increase in operating income, indicating strong performance and profitability. This is a notable improvement from fiscal 2023, where MobiKwik managed to reduce its net loss while maintaining its operating income from the previous year.
The company is also looking to expand its financial horizons with an Initial Public Offering (IPO). Earlier today, MobiKwik filed its draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), indicating plans to raise funds by issuing new shares to the public.
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