Payments platform MobiKwik gets RBI NBFC registration, targets ₹5,000 crore in loans
MobiKwik's subsidiary has RBI registration as an NBFC and aims to disburse ₹5,000 crore in loans over three to four years, starting in three to six months.
MobiKwik has secured a Certificate of Registration from the Reserve Bank of India to operate as a Non-Banking Financial Company. The registration has been acquired by its wholly owned subsidiary, MobiKwik Financial Services (MFSPL).
It follows the RBI’s in-principle approval granted in April this year.
MFSPL plans to offer both secured and unsecured credit to consumers and micro, small and medium enterprises across India.
The company currently works with 11 lending partners, and the NBFC is meant to complement its existing Lending Service Provider business while the group continues leveraging its partnerships with established lenders.
MobiKwik has 196 million registered users and 5 million registered merchants. The company says these customer bases will benefit from its ability to provide loans through the NBFC.
MFSPL expects to commence business operations with an asset-light co-lending model in the next three to six months, in partnership with NBFCs and banks. It plans to develop and launch credit products for consumers and MSMEs.
The NBFC aims to disburse loans worth ₹5,000 crore over the next three to four years.
The NBFC launch builds on the momentum in MobiKwik’s existing financial services business. In Q2 FY27, lending disbursal through its 11 lending partners grew 34% year-on-year to ₹1,083 crore.
Gross profit from financial services grew 2.2x year-on-year, reflecting improved credit quality and portfolio recoveries.
Co-founder, Executive Director and CFO Upasana Taku said: “As we scale this business, our focus will remain on responsible lending, prudent underwriting and building a sustainable lending franchise.”
