MobiKwik Co-founder Upasana Taku Buys Over 1 Lakh Shares
MobiKwik co-founder and CFO Upasana Taku has increased her stake in the fintech company by acquiring more than 100,000 shares in open market transactions. The purchases occurred during a period of stock volatility.
MobiKwik co-founder and Chief Financial Officer Upasana Taku has acquired over 1.07 lakh shares in the listed fintech company through multiple open-market transactions. The company disclosed that Taku purchased the shares in two tranches for a total of approximately ₹2.1 crore (roughly $250,000 USD).
These acquisitions have raised Taku's shareholding in MobiKwik from 10.11% to 10.24%. Filing details indicate she has purchased a total of 2,94,177 equity shares since the company's IPO in December 2024.
The share purchases come amidst fluctuating performance for MobiKwik's stock. While the share price has risen 26.6% in the past six months, it remains down 15.38% year-to-date. Gains are partly attributed to the reintroduction of merchant discount rates on high-value UPI payments and the company's improved financial results.
MobiKwik reported a consolidated net profit of ₹7.6 crore for the first quarter of FY27, a significant turnaround from a net loss of ₹41.9 crore in the same period last year. Operating revenue saw a modest increase. The company also recently secured in-principle approval from the Reserve Bank of India to operate as a payment aggregator.
Despite these developments, MobiKwik has faced scrutiny over its lending products. The company has clarified its role as a distribution partner for a peer-to-peer lending platform. MobiKwik shares closed up 0.85% on Wednesday.