In a bid to strengthen its presence in the financial services space, MobiKwik has established a wholly owned subsidiary, MobiKwik Financial Services Private Limited (MFSPL).

This newly formed entity will function as a non-banking financial company (NBFC), offering a variety of financial products including loans. These services will cater to a diverse array of assets, including machinery, equipment, vehicles, ships, aircraft, and both movable and immovable property.

MobiKwik, in a stock exchange disclosure, said this step will help the company expand its capabilities beyond digital payments and diversify its service offerings. 

The Gurugram-based fintech firm will now be required to apply for an NBFC licence from the Reserve Bank of India in order to operate as a non-banking financial company.

MobiKwik recently teamed up with Poonawalla Fincorp to provide instant personal loans through its ZIP EMI product. 

The company also entered the securities broking market last month with the launch of another subsidiary, MobiKwik Securities Broking Private Limited (MSBPL).

MobiKwik’s user base has reached 172 million, and it now supports a merchant network of 5 million. In the third quarter of FY25, the company recorded a revenue of Rs 269 crore and a loss of Rs 55.2 crore.