MobiKwik to start NBFC operations within six months as it gets RBI approval
MobiKwik plans to enter the lending business directly, complementing its existing Lending Service Provider (LSP) operations and partnerships with banks and financial institutions.
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Fintech company MobiKwik has received the Reserve Bank of India's (RBI) Certificate of Registration for its wholly owned subsidiary, MobiKwik Financial Services Pvt Ltd (MFSPL), allowing it to begin operations as a Non-Banking Financial Company (NBFC).
The NBFC will begin operations with an asset-light co-lending model over the next three to six months, the fintech company said in a filing to the stock exchanges.
The registration follows the RBI's in-principle approval granted in April 2026.
MobiKwik plans to enter the lending business directly, complementing its existing Lending Service Provider (LSP) operations and partnerships with banks and financial institutions. The company plans to launch both secured and unsecured credit products for consumers and micro, small and medium enterprises (MSMEs).
The company is targeting loan disbursements of Rs 5,000 crore over the next three to four years. It will leverage its existing technology infrastructure, customer data, risk assessment systems and collection capabilities to support the business.
"In our digital lending business we have built a strong foundation of lender partnerships, technology infrastructure and deep understanding of customer credit needs. The NBFC licence allows us to build on these capabilities and participate more actively in the lending value chain," said Upasana Taku, co-founder, executive director and CFO of MobiKwik "As we scale this business, our focus will remain on responsible lending, prudent underwriting and building a sustainable lending franchise," she added.
In Q2 FY27, MobiKwik's loan disbursements through 11 lending partners increased 34% year-on-year to Rs 1,083 crore. Its gross profit from financial services also grew 2.2 times during the quarter.
Founded in 2009 by Bipin Preet Singh and Taku, MobiKwik operates a digital payments and financial services platform with 196 million registered users and five million registered merchants. Its offerings include digital wallets, UPI payments, merchant payment solutions, digital credit, savings and investment products.