Lucknow: One MobiKwik Systems Ltd. has received approval from the Reserve Bank of India for its application to set up a Non-Banking Financial Company (NBFC), marking a key step in strengthening its financial services portfolio.
The approval paves the way for the launch of its lending arm, MobiKwik Financial Services Private Limited (MFSPL), a wholly owned subsidiary that will expand the group’s regulated lending operations. Through this in-house NBFC, the company aims to roll out innovative credit products, improve go-to-market speed, and cater to a wider base of consumers and merchants.
With a customer base of over 186 million, MobiKwik plans to leverage its strong technology infrastructure, underwriting expertise, and collection capabilities to scale its credit offerings. The NBFC will facilitate both secured and unsecured lending, particularly targeting underserved segments, including MSMEs and users in Tier 2 and Tier 3 cities.
The company said operations will formally commence once the Certificate of Registration (CoR) is issued by the RBI upon fulfilment of required conditions.
Commenting on the development, Upasana Taku, Executive Director, Co-founder and CFO of MobiKwik, described the approval as a “pivotal step” in the group’s evolution into a full-stack fintech platform. She noted that the relatively swift approval reflects the regulator’s confidence in the company’s governance and operational capabilities.
“The NBFC framework gives us the regulatory backing to deepen our credit portfolio while maintaining strong risk discipline. Our focus remains on responsibly serving the credit needs of Bharat and enhancing financial inclusion,” she said.
The company also highlighted plans to adopt a co-lending model to access sustainable capital and improve lending margins. By integrating advanced AI and machine learning models, MobiKwik aims to offer more personalized and efficient financial products across the country, with a strong emphasis on expanding access to credit in underpenetrated regions.
