One MobiKwik Systems Limited (NSE: MOBIKWIK / BSE: 544305) on 6 November 2026 said its subsidiary MobiKwik Financial Services Private Limited (MFSPL) received an RBI Certificate of Registration to operate as an NBFC, after April 2026 in-principle approval. MFSPL aims to start in 3–6 months via co-lending and disburse ₹5,000 crore over 3–4 years.
The CoR complements MobiKwik’s Lending Service Provider (LSP) business so the group can originate credit directly. It follows recent Q2 FY27 lending momentum covered on Elets Banking and Finance.
What the RBI NBFC CoR allows
MFSPL is a wholly owned subsidiary. Per the BSE exchange filing and press release, the CoR is under Section 45-IA of the RBI Act, 1934, and MFSPL can commence NBFC operations after the final registration. MobiKwik said the licence adds on-balance-sheet origination alongside distribution through regulated lenders, for more product flexibility and a path to improve lending economics while keeping bank and NBFC partners.
MFSPL plans secured and unsecured credit for consumers and MSMEs across India, using existing technology, data analytics, risk models and collections—capabilities that sit next to alternative risk assessment in digital lending.
Asset-light co-lending and the ₹5,000 crore target
Operations are expected to begin with an asset-light co-lending model over the next three to six months with banks and other NBFCs—sharing origination and risk rather than funding every rupee alone, as in pairings such as Ambit Finvest–DCB Bank MSME co-lending. The NBFC aims to disburse ₹5,000 crore over three to four years.
Upasana Taku, Co-founder, Executive Director and CFO, said the final registration marks a milestone in MobiKwik’s full-stack fintech path and that its network of about 196 million users and five million merchants can benefit from NBFC-originated loans, with responsible lending and prudent underwriting remaining central.
Why it matters for India fintech lending
In Q2 FY27, lending disbursals through 11 partners reached ₹1,083 crore (+34% YoY) and financial-services gross profit grew 2.2x, the company said—context only for the CoR. A listed payments platform adding a licensed NBFC subsidiary lets underwriting and product design sit inside the group while co-lending keeps capital partners in the loop, alongside other digital lending build-outs across banks and NBFCs and recent starts such as bob Securities & Giltedge commencing NBFC operations.
Key takeaways
- On 6 November 2026 One MobiKwik disclosed that MFSPL received RBI NBFC CoR after April 2026 in-principle approval.
- MFSPL plans to start in 3–6 months via asset-light co-lending, offering secured and unsecured credit to consumers and MSMEs, targeting ₹5,000 crore over 3–4 years.
- The NBFC complements the LSP book; Q2 FY27 disbursals were ₹1,083 crore via 11 partners (+34% YoY), with financial-services gross profit up 2.2x—context only.
Frequently asked questions
When will MobiKwik’s NBFC start lending?
MobiKwik said MFSPL expects to commence with an asset-light co-lending model in the next three to six months, with banks and NBFCs.
Does the CoR replace LSP partnerships?
No. The company said the NBFC complements its existing Lending Service Provider business so it can originate credit directly while working with established lenders.
What products will MFSPL offer?
Per the exchange filing, secured and unsecured credit for consumers and MSMEs, with a stated ₹5,000 crore disbursal aim over three to four years.
Featured image: Bipin Preet Singh, Co-founder, MD and CEO, MobiKwik, at the company’s office. Photo: The Economic Times (India’s hottest business leaders 2018 gallery)
