MobiKwik Faces Criminal Case For Non-Payment Of Dues To A Vendor

MobiKwik Faces Criminal Case For Non-Payment Of Dues To A Vendor

SUMMARY

The complaint has been filed against the fintech unicorn and its directors – Bipin Preet Singh, Chandan Joshi, Upasana Taku, Sayali Karanjkar and Navdeep Singh Suri

The complainant, Xplore Private Limited, has alleged that MobiKwik failed to clear 12 invoices for the services provided by it and pegged its loss to the tune of INR 1.61 Cr

In what is its second attempt to go public, MobiKwik has filed its DRHP with SEBI and plans to raise INR 700 Cr through a fresh issue of shares

Even as MobiKwik gears up to raise INR 700 Cr from public markets, the fintech startup is grappling with a legal case involving alleged non-payment of dues to a vendor. 

As per MobiKwik’s draft red herring prospectus (DRHP), a complaint has been filed against the startup and its directors – Bipin Preet Singh, Chandan Joshi, Upasana Taku, Sayali Karanjkar and Navdeep Singh Suri – for their alleged failure to clear 12 invoices. 

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