On Wednesday, June 25, CNBC-TV18 reported, citing sources that Net1 Applied Technologies Netherlands BV, a subsidiary of South Africa’s Net1 UEPS Technologies, was likely to sell its entire 8% stake in One Mobikwik Systems Ltd. via block deals.
In 2016, Net 1 Applied Technologies had invested $40 million or ₹268 crore in Mobikwik as part of a strategic partnership, integrating its virtual card technology into the Indian digital payments platform, as per a MoneyControl report.
Mobikwik made a strong debut on the stock market in December 2024, listing at a premium of 58% to its IPO price of ₹279. However, the stock has corrected over 60% from its peak post-listing high of ₹698. The mandatory six-month lock-in period of pre-IPO shareholders ended on June 18.
Last month, the company had reported its March quarter results, the second, after making their stock market debut.
MobiKwik’s net loss widened sharply in the March quarter to ₹56 crore, wider than the ₹67 lakh loss it reported during the same quarter last year.
Revenue for the quarter rose 2.6% year-on-year, while Payments GMV grew by 2.3 times from the year-ago quarter.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) was a loss of ₹45.8 crore due to lower contribution margins.
Mobikwik shares declined 6.4% on Thursday, June 26 to hit an intraday low of ₹229.75 apiece. However, the stock later pared gains adn was up 5.76% at ₹259.7 apiece at 10.15 am.
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First Published: Jun 26, 2025 8:25 AM IST
