By Mr. Abhay Ray 
Introduction
Listed fintech Company MobiKwik Datalabs in-article-icon on Wednesday (April 23) announced the incorporation of a wholly-owned non-banking financial company (NBFC), Mobikwik Financial Services Private Limited (MFSPL). However, the company has yet to apply for an NBFC licence. In its exchange filing, MobikWik said that the NBFC arm, MFSPL, has been incorporated after bagging all the required approvals from the Ministry of Corporate Affairs and Central Processing Centre. It has allocated an initial paid-up share capital of INR 1 Lakh for the newly set up subsidiary.
About the MobiKwik
MobiKwik is a public company based in Gurugram (India), founded in 2009 by Bipin Preet Singh, Upasana Taku, Sunali Aggarwal and Chandan Joshi. It operates as a Financial technology company that provides a mobile phone-based payment system and digital wallet payments. MobiKwik has raised $284M in funding from investors like Peak XV Partners, Sequoia Capital and Dosch Pharmaceuticals. The company has 177 active competitors, including 13 funded and 17 that have exited. Its top competitors include companies like PhonePe, Paytm and FreeCharge.
MobiKwik’s NBFC Subsidiary
In a significant move to deepen its footprint in the financial services sector, Indian fintech giant MobiKwik has launched a wholly owned Non-Banking Financial Company (NBFC) named MobiKwik Finance Private Limited (MFSPL). This development marks a pivotal step in the company’s ambition to evolve into a full-spectrum digital financial services provider. Established in April 2025, after securing approvals from the Ministry of Corporate Affairs, MFSPL is set to focus on providing credit and financial solutions across a range of categories including equipment financing, vehicle loans, and other business-related expenditures. This new arm of MobiKwik will enable the platform to directly issue loans, streamlining credit access for its large base of digital-first consumers.
As an NBFC, the MobiKwik subsidiary will engage in financing all types of leasing, hiring, and purchases related to business expenses like machinery, plant, equipment, ships, vehicles, aircraft, rolling stock, factories, movable and immovable property, the company said in its filing. Just a few days ago,the fintech major joined hands with Poonawalla Fincorp to offer instant personal loans of up to INR 15 Lakh.
Last month, it also set up a wholly-owned subsidiary Mobikwik Securities Broking Private Limited to enter the country’s burgeoning investment tech market. With this move, it is looking to lock horns with heavyweights like Zerodha and Groww.
In February, the fintech startup picked up an additional 3.39% stake in B2B banking infrastructure company Blostem Fintech Private Limited for INR 1.5 Cr, taking total shareholding in Blostem to 6.79%.
Strategic Partnerships
To further expand its financial offerings, MobiKwik has entered into several strategic partnerships:
- Piramal Finance: In January 2025, MobiKwik partnered with Piramal Capital & Housing Finance Ltd. to provide personal loans to its users. This collaboration allows MobiKwik customers to apply for personal loans ranging from INR 50,000 to INR 2,00,000 through the MobiKwik app. The loans are available for various purposes, including education, medical expenses, and travel.
- Bajaj Finserv: Previously, MobiKwik had partnered with Bajaj Finserv to offer instant loan services through its app. This collaboration enables MobiKwik users to access small-ticket loans for various purposes, such as bill payments and purchases, with quick disbursal times.
Entering the Peer-to-Peer (P2P) Lending Market
As part of its broader expansion into fintech, MobiKwik has also ventured into the Peer-to-Peer (P2P) lending market through the launch of its product Xtra. This platform, powered by an RBI-registered P2P platform called Lendbox, offers users the chance to lend directly to creditworthy borrowers. It is an innovative step that provides attractive returns to investors while allowing them to support individuals in need of credit.
Comprehensive Financial Solutions for Users
This new direction aligns with MobiKwik’s vision of becoming a one-stop solution for all financial needs, leveraging its large user base and digital infrastructure. By offering personal loans, P2P lending, and other financial products, MobiKwik aims to provide users with a holistic set of tools for managing their finances, whether for saving, borrowing, or investing.
Conclusion
MobiKwik’s creation of its NBFC unit, MobiKwik Financial Services Pvt Ltd, marks a pivotal step in strengthening its fintech strategy. By expanding into the NBFC sector, the company can offer a broader range of financial products, such as asset financing and leasing, enhancing its lending capabilities and diversifying its revenue streams. This move, combined with strategic partnerships and innovations like the Xtra P2P lending platform, positions MobiKwik as a key player in India’s evolving digital finance space. With its strong user base and digital infrastructure, MobiKwik is poised to drive further growth, offering comprehensive financial solutions that cater to diverse user needs and increasing engagement across its platform.
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