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MobiKwik IPO: Platform plans to raise Rs 1,900 crore, dismisses data breach allegations, and more

Reporting an increase in losses for the financial year, the startup lists several risk factors that have adversely impacted its operations including security breaches and the COVID-19 pandemic.  App-based and online payments platform MobiKwik filed its draft documents to raise Rs 1,900 crore via a public offering. Out of the Rs 1,900 crore, primary shares will be worth Rs 1,500 crore while secondary shares (shares that existing investors can sell) will be worth Rs 400 crore. Founded by Bipin Preet Singh and Upasana Taku, Mobikwik Systems' total income increased by 18 percent to Rs 302 crore for the financial year ending March 31. Its losses at the same time increased to 12 percent to Rs 111 crore. The company last raised $20 million from Abu Dhabi Investment Authority pegging their valuation at $700 million. Why this matters? The draft red herring prospectus (DRHP) comes months after the fintech startup reported over 10% higher losses in FY21, with revenue decreasing due to the second wave of the pandemic and its subsequent effect on the economy. Mobikwik’s total loss increased to Rs 110.9 crore from Rs 99.1 crore last year. It is also important to note that the startup faced allegations of a data breach in March, which purportedly compromised the data of millions of cardholders. The Information Technology (Intermediary Guidelines and Digital Ethics Code) Rules, 2021 which was notified in February is also applicable to Mobikwik. Mobikwik in their draft DRHP said that the net proceeds from the offering will go towards…

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Among other subjects, I cover the increasing usage of emerging technologies, especially for surveillance in India

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