MobiKwik To Begin NBFC Operations Within 6 Months Post RBI Clearance

MobiKwik’s wholly owned subsidiary, MobiKwik Financial Services Pvt Ltd (MFSPL), has received a Certificate of Registration (CoR) from the RBI to operate as a non-banking financial company (NBFC).

The certificate was issued on November 5, following the RBI’s in-principle approval in April 2026. The dedicated NBFC was officially incorporated on March 13, 2025. 

With the regulatory clearance in place, MFSPL intends to commence operations over the next three to six months. It intends to operate on an asset-light co-lending model, partnering with banks and other NBFCs. 

In a statement, the company said that it plans to complement its existing lending service provider (LSP) business with the ability to originate credit directly through its NBFC. 

“This will provide greater flexibility in product development, faster go-to-market execution and opportunities to improve lending economics, while allowing the group to continue leveraging its partnerships with established lenders,” the company said.

MobiKwik aims to disburse loans worth ₹5,000 Cr over the next three to four years, covering secured and unsecured credit for consumers and MSMEs.

Cofounder and CFO Upasana Taku said that the NBFC extension would allow MobiKwik to build on its existing lender partnerships and technology infrastructure while participating more actively in the lending value chain. The company plans to focus on responsible lending, prudent underwriting and sustainable growth.

During its Q2 earnings call, the CFO noted that MobiKwik could initially route around 10% of its digital lending disbursals through the NBFC. If the company disburses ₹6,000 Cr through its digital lending business next year, it would aim to route ₹600 Cr through MFSPL.

Under a proposed 10:90 co-lending arrangement, MobiKwik would contribute 10% of the loan amount, while its lending partner would fund the remaining 90%. This would require around ₹60 Cr in capital from MobiKwik to support ₹600 Cr in disbursals, allowing it to limit its on-book exposure while leveraging its existing underwriting and collections capabilities.

The NBFC launch comes amid an uptick for MobiKwik’s business. MobiKwik reported a consolidated net profit of ₹11.8 Cr in Q2 FY27 against a net loss of ₹28.6 Cr in the year-ago quarter. 

Operating revenue increased 9.4% YoY to ₹295.7 Cr from ₹270.2 Cr. The company said it recorded its highest-ever quarterly net profit, marking its fourth consecutive profitable quarter.

During the quarter, MobiKwik’s financial services business segment, which includes its ZIP EMI credit offering, increased 41.8% YoY to ₹86.9 Cr.

Loan disbursals through its lending partners rose 34.1% YoY to ₹1,082.6 Cr, up 46.9% sequentially from ₹736.7 Cr. The sequential recovery followed a temporary dip linked to technology infrastructure migration during the transfer of its lending business.

MobiKwik increased its major lending partners to 11 from six a year earlier. It classifies partners with quarterly disbursals exceeding ₹5 Cr as major lenders. Of the total disbursals, 21% came through its distribution model, while the remaining 79% were under its first-loss default guarantee (FLDG) model, under which it shares credit risk with lending partners.

Lending-related expenses, including operational and financial guarantee costs, declined 16.4% YoY to ₹29.8 Cr. The company attributed the reduction to improved credit quality and better commercial terms with lending partners.

MobiKwik expects lending disbursals to maintain strong double-digit growth as newer partnerships mature and it introduces additional product categories, although management cautioned that the growth rate may moderate.

Shares of MobiKwik ended today’s trading session 2.3% higher at ₹224.75 apiece on the BSE.

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