Net1 Applied Technologies, a South Africa-based company, has fully exited its investment in Indian fintech platform Mobikwik after nearly eight years. The firm offloaded its entire 8% stake—amounting to 62,15,620 shares—through a block deal on Thursday.
According to data from the National Stock Exchange (NSE), the shares were sold at ₹230.16 apiece, amounting to approximately ₹143 crore.
Net1 had initially invested $40 million (around ₹270 crore at the time) in Mobikwik in 2016, intending to integrate its virtual card and financial inclusion technologies into the platform. Despite Mobikwik’s public market debut, the investment failed to yield returns, and Net1 appears to have booked a loss on the exit.
Mobikwik was listed on the stock exchange in December last year at ₹444 per share—a 59% premium over its issue price. The stock touched highs of ₹698 post-listing but has remained volatile, now trading around ₹261.
For the quarter ended March 2025 (Q4 FY25), Mobikwik posted revenue of ₹268 crore, unchanged from the same period last year. However, annual revenue for FY25 rose 33.9% to ₹1,192 crore. The company reported a net loss of ₹56 crore in the March quarter.
