Fintech firm MobiKwik has formally entered the securities broking business by establishing its wholly owned subsidiary, MobiKwik Securities Broking Private Limited (MSBPL). The strategic move is to diversify MobiKwik’s financial services business beyond its existing digital payments and lending businesses. This will make Mobikwik a competitor to industry leaders like Zerodha, Groww, and AngelOne.
The Ministry of Corporate Affairs approved MSBPL’s incorporation on March 3, 2025, as revealed in a recent filing with the National Stock Exchange (NSE). The subsidiary will trade shares, stocks, securities, debt instruments, commodities, currencies, and derivatives. Additionally, MSBPL intends to join stock and commodity exchanges domestically in India and abroad. This action is an indication of MobiKwik’s vision to expand its reach and influence across the global financial markets.
MobiKwik Securities Broking has been incorporated with a paid-up share capital of ₹1 lakh. The holding company will invest another ₹2 crore in MSBPL in one or multiple tranches to fund its business growth. This investment underscores MobiKwik’s commitment to making a significant impact in the competitive stockbroking landscape.
At present, the market for stock broking is dominated by Groww, having the largest active user base, followed by Zerodha, AngelOne, Upstox, and ICICI Direct. MobiKwik plans to utilize its large user base of 172 million registered users and a network of 5 million merchants to acquire customers in this new business.
In its latest quarterly report, MobiKwik announced that its payment GMV (Gross Merchandise Value) doubled year-on-year to ₹29,400 crore. Despite this impressive growth, the company reported revenue of ₹269 crore for the third quarter of FY25 while incurring losses of ₹55.2 crore during the same period. Currently, MobiKwik’s shares are trading at ₹308 apiece, with a total market capitalization of ₹2,393 crore (approximately $278 million). Interestingly, the stock had recently touched its 52-week low of ₹231 on March 17.
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While venturing into newer verticals such as stock broking and derivative trading, MobiKwik wishes to evolve into a wide-ranging financial services platform. Success for MSBPL hinges upon how differentiated the company gets vis-à-vis the competitors along with user demands in investing and wealth management. With fintech being as strong as its ground base and steadily rising user base, MobiKwik stands poised for electrifying things on the horizon during the next couple of years.
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