The approval will allow the company to launch its lending subsidiary, MobiKwik Financial Services (MFSPL), marking a significant step in its transition into a full-stack fintech platform.
The NBFC licence is expected to enable MobiKwik to expand its regulated credit offerings, design new lending products and serve a wider base of consumers and small businesses. The company said bringing lending operations in-house will also help improve margins and reduce dependence on external lending partners.
With this move, MobiKwik plans to offer both secured and unsecured loans, targeting underserved segments across retail and MSME categories. The company already has a customer base of over 186 million users, which it aims to leverage for scaling its credit business.
Operations under the NBFC arm will begin after the company receives a certificate of registration from the RBI, subject to the fulfilment of certain conditions.
The development is seen as strategically important for MobiKwik, as it allows tighter control over underwriting, risk management and collections, areas that are critical for scaling a profitable lending business.
“The NBFC application approval is a pivotal step in MobiKwik Group’s evolution into a scaled financial services platform,” said Upasana Taku, co-founder and CFO of the company. She added that the approval provides a regulatory framework to deepen credit offerings while maintaining governance and risk discipline.MobiKwik, which started as a digital wallet platform, has gradually diversified into financial services including credit distribution, investments and insurance. The NBFC licence now allows it to originate loans directly, accelerating its transition from a distribution-led model to a lending-led business.
The sharp stock reaction reflects investor optimism around the company’s ability to monetise its large user base through credit products, especially in a market where digital lending is seeing rapid growth.
The company said the NBFC arm will focus on building technology-led, accessible financial products aimed at improving financial inclusion, particularly in underpenetrated markets.
With regulatory approval now in place, execution and asset quality will be key factors to watch as MobiKwik scales its lending ambitions.
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