MobiKwik gets RBI nod to set up NBFC

By Parth Prabhudesai

One MobiKwik Systems Limited has received approval from the Reserve Bank of India (RBI) for its Non-Banking Financial Company (NBFC) application, marking a significant step in expanding its FinTech capabilities and strengthening its lending business.

The approval enables the company to launch its wholly owned subsidiary, MobiKwik Financial Services Private Limited (MFSPL), which will focus on delivering regulated lending solutions. Through this in-house NBFC, MobiKwik aims to introduce new credit products with faster go-to-market timelines, while improving operational control and lending margins.

The development aligns with MobiKwik’s broader strategy to evolve into a full-stack FinTech platform offering integrated payments and financial services. The NBFC will leverage the company’s existing strengths, including its large customer base of over 186 million users, established brand presence, and advanced technology infrastructure.

Upasana Taku, Executive Director, Co-founder and CFO of MobiKwik, described the approval as a key milestone. “The NBFC application approval is a pivotal step in MobiKwik Group’s evolution into a scaled financial services platform. We are especially happy that the application has been approved in under four months, which is an endorsement of the credibility of the Group,” she said. She added that the licence provides a strong regulatory framework to expand credit offerings while maintaining governance and risk discipline.

The new lending arm is expected to focus on both secured and unsecured credit products, targeting consumers and MSMEs, particularly in Tier 2 and Tier 3 cities. MobiKwik also plans to utilise its AI and machine learning models to deliver more personalised financial products.

Additionally, the NBFC structure will support access to sustainable capital through co-lending partnerships, helping the company scale its lending operations efficiently. The operations of MFSPL will commence upon receiving the final Certificate of Registration from the RBI.

The move reinforces MobiKwik’s commitment to enhancing financial inclusion and expanding access to credit across underserved segments in India.