MobiKwik incorporates wholly owned NBFC subsidiary

Digital payments platform One MobiKwik Systems has incorporated a subsidiary to offer non-bank financial services, according to an exchange filing on Wednesday.

The Mobikwik parent told exchanges it has incorporated Mobikwik Financial Services Pvt Ltd (MFSPL) after receiving the required approvals from the Ministry of Corporate Affairs and Central Processing Centre. MFSPL will be a wholly owned subsidiary of MobiKwik, falling under the purview of related party transactions, the company said in the filing.

A non-banking finance company, MFSPL will finance all types of leasing, hiring, and purchasing relating to machinery, plant, equipment, ships, vehicles, aircraft, rolling stock, factories, movable and immovable property, the exchange filing read.


Earlier this week, MobiKwik partnered with Poonawalla Fincorp to offer instant personal loans of 50,000 to Rs 1.5 lakh to its users through ZIP EMI. Borrowers can choose to repay the loans in six months to three years.

A month ago, MobiKwik incorportated Mobikwik Securities Broking Pvt Ltd to act as a broker in shares, stocks, securities, debt instruments, commodities, currencies and their derivatives.

These recent collaborations and incorporations by MobiKwik expand its portfolio on offer, bringing its business closer in competition to listed peer Paytm parent One97 Communications.