The company will set up a wholly owned subsidiary, Financial Services Private Limited, to expand its regulated lending operations and roll out new credit products for consumers and merchants.
The NBFC licence will allow the fintech firm to strengthen its full-stack financial services offering, improve lending margins and accelerate the launch of new products, it said in a statement.
One MobiKwik Systems’ share price surged after the announcement and were last up 14.02% to Rs 230.26, as of 1:35 p.m.
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“The NBFC application approval is a pivotal step in MobiKwik Group’s evolution into a scaled financial services platform,” said Upasana Taku, co-founder and executive director at MobiKwik, adding that the approval provides a regulatory framework to deepen its credit offerings.
The company said the in-house NBFC would enable faster go-to-market for both secured and unsecured , while also supporting access to more sustainable capital through .
MobiKwik, which has over 186 million users, said it would leverage its technology, including AI and machine learning models, to offer more personalised financial products and expand credit access, particularly in .
Operations will begin after the company receives a certificate of registration from the RBI and meets certain conditions, it added.
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