Gurugram-based MobiKwik sets up wholly-owned NBFC subsidiary

Digital payments company MobiKwik has taken a significant step in expanding its financial services offerings with the launch of its wholly owned subsidiary, Mobikwik Financial Services Private Limited (MFSPL).

The new entity, approved by the Ministry of Corporate Affairs, aims to provide a wide range of lending and financial solutions, further diversifying MobiKwik’s portfolio beyond digital payments. However, the company has yet to apply for an NBFC licence.

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MFSPL has been established with an initial paid-up capital of Rs 1 lakh and will be fully owned by MobiKwik. The subsidiary is expected to offer loans, hire purchase services, and leasing for assets such as vehicles, machinery, equipment, aircraft, ships, and other movable and immovable property.

While the entity is yet to begin operations and currently has no turnover, it represents a strategic move aligned with MobiKwik’s broader financial ambitions.

In a regulatory filing, MobiKwik stated that the new NBFC arm is part of its long-term plan to become a full-spectrum fintech platform. “This new subsidiary strengthens our presence in the financial ecosystem by creating a structure that allows us to extend credit services across a wider base,” the company said.

It also clarified that MFSPL is a related party transaction, given it is a wholly owned entity, but all processes are being followed at arm’s length and in accordance with regulatory norms.

MobiKwik's entry into the broking space

This announcement follows MobiKwik’s recent entry into the securities broking space with another subsidiary, Mobikwik Securities Broking Private Limited. It also partnered with Poonawalla Fincorp to offer instant personal loans via its ZIP EMI product, showcasing its intent to evolve from a payment solutions provider into a broader financial services platform.

MobiKwik currently serves 172 million registered users and a merchant network of 5 million. In Q3 FY25, the company reported revenue of Rs 269 crore but also posted a loss of Rs 55.2 crore.