Fintech firm MobiKwik gets Sebi approval to raise Rs 700 crore through IPO

Fintech firm MobiKwik on Monday received a nod from the Securities and Exchange Board of India (Sebi) to launch its Rs 700 crore initial public offering (IPO).

Mobikwik had filed the draft red herring prospectus (DRHP) with the regulator on January 4.

The company said proceeds from the fresh issue would be allotted to business growth across verticals such as financial services, payment services, investment in artificial intelligence (AI) and machine learning (ML), among others.