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Fintech unicorn Moneyview has received SEBI’s approval to proceed with its proposed IPO.
The regulator issued a final observation letter to the fintech startup on June 29, as per the latest update on its website.

In SEBI’s parlance, the issuance of the final observation is a go-ahead to proceed with the IPO.

Moneyview filed its DRHP in March this year. As per the draft papers, its public issue will comprise a fresh issue of shares worth up to ₹1,500 Cr and an offer-for-sale (OFS) component of up to 13.61 Cr shares.

The startup plans to utilise the proceeds from the IPO to support the growth of its lending business. Of the total fresh issue, ₹650 Cr will be invested to drive growth in loan disbursals under default loss guarantee (DLG) arrangements and ₹450 Cr will be infused in its NBFC subsidiary Whizdm Finance Pvt Ltd to augment its capital base.

The OFS will see cofounders and promoters Puneet Agarwal and Sanjay Aggarwal, along with investors like Accel, Ribbit Capital, Tiger Global, among others, sell their shares.

Founded in 2014, Moneyview runs a digital-first lending platform that provides unsecured personal loans to underserved and new-to-credit customers. It partners with banks and NBFCs to originate loans through its app and website, while also lending from its own NBFC arm, Whizdm Finance.

(The story will be updated soon)

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