MobiKwik May Apply For NBFC License With RBI: Co-Founder Upasana Taku
October 13, 2025
Weeks after One Mobikwik Systems Ltd. approved an investment of Rs 10 crore into its non-banking financial business, the company said that it is considering applying for an NBFC license with the country's central bank. "We incorporated a company, we put in the minimum required capital and we might be applying for an NBFC license," co-founder Upasana Taku told NDTV Profit on the sidelines of the Global Fintech Fest 2025.
Weeks after One Mobikwik Systems Ltd. approved an investment of Rs 10 crore into its non-banking financial business, the company said that it is considering applying for an NBFC license with the country's central bank.
"We incorporated a company, we put in the minimum required capital and we might be applying for an NBFC license," co-founder Upasana Taku told NDTV Profit on the sidelines of the Global Fintech Fest 2025.
MobiKwik, in early October, announced an investment of Rs 9.99 crore in its subsidiary Mobikwik Financial Services Pvt. The main objective of the investment was to operate as an NBFC and enter leasing and hire purchase-deals for assets such as machinery, equipment, vehicles, ships, aircraft, factories, and real estate, the regulatory disclosure said.
While MobiKwik had originally set up the NBFC subsidiary in April with an initial paid-up capital of Rs 1 lakh, it had not applied for an NBFC license. The company, at that time, did not explicitly mention if MFSPL was a licensed NBFC.
"The recent fund infusion into the NBFC arm is an indication that we will be filing for an NBFC license with RBI," Taku explained. MobiKwik currently has two large businesses. One is the payments business and the second is where it cross-sells financial products including credit products via its NBFC and bank partners.
"We are not looking at becoming a lender," Taku said. "But having our own small NBFC also gives us benefits in terms of how we can understand our user better and do the matchmaking between the large lending partners that we have." To be clear, an in-house NBFC will technically let MobiKwik have more say in its lending operations, allowing it to monetise a new revenue stream and improving cross-selling opportunities.
The fintech firm reported widening of consolidated loss to Rs 42 crore for June quarter on the back of pressures in its high-margin financial services business and strategic overhaul efforts. The company said it expects recovery and EBITDA breakeven in the second half of fiscal 2026.
The Gurugram-headquartered firm's revenue from operations stood at Rs 271 crore, a 21% decline from Rs 342 crore that it reported in the first quarter the previous fiscal. Sequentially, losses narrowed from Rs 56 crore in the previous quarter, while revenue saw an uptick of 1.3%.
MobiKwik's financial services revenue dropped from Rs 171 crore in to Rs 58 crore on a year-on-year basis, while its payments business revenue grew 24% year-on-year to Rs 213 crore.
The company attributed the reduction of financial services revenue to three key factors: Industry-wide moderation in unsecured personal lending markets, MobiKwik's deliberate strategic shift away from buy-now-pay-later products to focus on more sustainable lending models, and the implementation of new accounting treatments under revised default loss guarantee guidelines.
"We incorporated a company, we put in the minimum required capital and we might be applying for an NBFC license," co-founder Upasana Taku told NDTV Profit on the sidelines of the Global Fintech Fest 2025.
MobiKwik, in early October, announced an investment of Rs 9.99 crore in its subsidiary Mobikwik Financial Services Pvt. The main objective of the investment was to operate as an NBFC and enter leasing and hire purchase-deals for assets such as machinery, equipment, vehicles, ships, aircraft, factories, and real estate, the regulatory disclosure said.
While MobiKwik had originally set up the NBFC subsidiary in April with an initial paid-up capital of Rs 1 lakh, it had not applied for an NBFC license. The company, at that time, did not explicitly mention if MFSPL was a licensed NBFC.
"The recent fund infusion into the NBFC arm is an indication that we will be filing for an NBFC license with RBI," Taku explained. MobiKwik currently has two large businesses. One is the payments business and the second is where it cross-sells financial products including credit products via its NBFC and bank partners.
"We are not looking at becoming a lender," Taku said. "But having our own small NBFC also gives us benefits in terms of how we can understand our user better and do the matchmaking between the large lending partners that we have." To be clear, an in-house NBFC will technically let MobiKwik have more say in its lending operations, allowing it to monetise a new revenue stream and improving cross-selling opportunities.
The fintech firm reported widening of consolidated loss to Rs 42 crore for June quarter on the back of pressures in its high-margin financial services business and strategic overhaul efforts. The company said it expects recovery and EBITDA breakeven in the second half of fiscal 2026.
The Gurugram-headquartered firm's revenue from operations stood at Rs 271 crore, a 21% decline from Rs 342 crore that it reported in the first quarter the previous fiscal. Sequentially, losses narrowed from Rs 56 crore in the previous quarter, while revenue saw an uptick of 1.3%.
MobiKwik's financial services revenue dropped from Rs 171 crore in to Rs 58 crore on a year-on-year basis, while its payments business revenue grew 24% year-on-year to Rs 213 crore.
The company attributed the reduction of financial services revenue to three key factors: Industry-wide moderation in unsecured personal lending markets, MobiKwik's deliberate strategic shift away from buy-now-pay-later products to focus on more sustainable lending models, and the implementation of new accounting treatments under revised default loss guarantee guidelines.