Net1 exits from Mobikwik with notable loss after 8 years

South Africa-based Net1 Applied Technologies has sold its entire 8% stake and exited its long-standing investment in fintech platform Mobikwik, through a block deal on Thursday. 

Net1 sold its entire holding of 62,15,620 shares at Rs 230.16 each, accumulating approximately Rs 143 crore, according to data from the National Stock Exchange (NSE).

Net1 first invested $40 million (approximately Rs 270 crore at the time) in MobiKwik in 2016, aiming to integrate its virtual card and financial inclusion technologies with the Indian fintech platform. However, despite MobiKwik going public, Net1 appears to have made no return and has even incurred a loss on its investment.

MobiKwik made its stock market debut in December last year with a strong listing at Rs 444, a 59% premium over its issue price. The fintech platform even touched highs of Rs 698 post-listing. However, the stock has experienced significant volatility since then and has now settled around Rs 261.

MobiKwik reported flat revenue of Rs 268 crore in Q4 FY25, compared to the same quarter last year. However, for the full fiscal year, its revenue rose 33.9% to Rs 1,192 crore in FY25. On the bottom line, the company posted a loss of Rs 56 crore in Q4 FY25.