MobiKwik Gets RBI NBFC Licence, Plans Lending Launch in 6 Months
MobiKwik's subsidiary has received its RBI certificate of registration as an NBFC and plans to start asset-light co-lending within three to six months.
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giftdetect· the right gift in minutesMobiKwik's wholly owned subsidiary, MobiKwik Financial Services Pvt Ltd (MFSPL), has received a Certificate of Registration from the Reserve Bank of India to operate as a non-banking financial company. The certificate was issued on November 5, following the RBI's in-principle approval in April 2026. The entity was incorporated on March 13, 2025.
The company intends to begin operations within three to six months, using an asset-light co-lending model with banks and other NBFCs. The licence lets MobiKwik originate loans directly, complementing its existing lending service provider (LSP) business. According to the company, this will bring greater flexibility in product development, faster go-to-market execution and chances to improve lending economics, while keeping its partnerships with established lenders.
How the co-lending plan works
MobiKwik aims to disburse ₹5,000 crore over the next three to four years, covering secured and unsecured credit for consumers and MSMEs. On its Q2 earnings call, the CFO said around 10% of digital lending disbursals could initially go through the NBFC. If the company disburses ₹6,000 crore next year, that would mean ₹600 crore via MFSPL.
Under a proposed 10:90 arrangement, MobiKwik would fund 10% of each loan and its partner 90%. That would need roughly ₹60 crore in capital, limiting on-book exposure while using existing underwriting and collections capabilities. Cofounder and CFO Upasana Taku said the company will focus on responsible lending, prudent underwriting and sustainable growth.
Business momentum
The move comes as results improve. MobiKwik posted a consolidated net profit of ₹11.8 crore in Q2 FY27, against a loss of ₹28.6 crore a year earlier, its highest quarterly profit and fourth straight profitable quarter. Operating revenue rose 9.4% to ₹295.7 crore. The financial services segment, which includes the ZIP EMI product, grew 41.8% to ₹86.9 crore.
Loan disbursals through lending partners climbed 34.1% year on year to ₹1,082.6 crore, up 46.9% from the previous quarter after a dip tied to a technology migration. Major lending partners rose to 11 from six, and 79% of disbursals fell under the first-loss default guarantee model. Management expects strong double-digit disbursal growth, though the pace may moderate. Shares closed 2.3% higher at ₹224.75 on the BSE.
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