MobiKwik
Gets RBI
NBFC Nod
India’s pioneering digital wallet just unlocked a new chapter — direct lending, in-house credit products, and a path to becoming a full-stack financial services platform for 186 million users.
What Is MobiKwik?
One MobiKwik Systems Limited (doing business as MobiKwik) is one of India’s oldest and largest digital payments and fintech companies. Founded in 2009 in a rented office in Dwarka, Delhi, it started as a simple prepaid recharge website — and has since evolved into a full-stack horizontal fintech platform serving 186 million users and nearly 5 million merchants across India.
Headquartered in Gurugram, Haryana, MobiKwik operates at the intersection of payments, credit, savings and investments. It holds an 18% share of India’s Prepaid Payment Instrument (PPI) wallet transaction value as of December 2025 — making it one of the two largest digital wallet operators in the country alongside Paytm.
MobiKwik went public in December 2024, raising ₹572 crore in its IPO on NSE and BSE — a milestone that came after years of delays, regulatory headwinds and a dramatic market timing reset that saw the company re-file its DRHP and right-size its offering. The IPO valued the company at roughly ₹1,000+ crore, positioning it as a listed fintech play for retail investors seeking exposure to India’s digital financial services revolution.
Founders & Leadership
MobiKwik was built by a husband-and-wife duo who bet their life savings on a digital payments dream when cash was still king in India. Sixteen years later, that bet has compounded into a listed company with 186 million users.
Born in Odisha into a Sikh family that survived the 1984 anti-Sikh riots, Bipin’s resilience is baked into his DNA. He graduated from IIT Delhi in 2002 with a B.Tech in Electrical Engineering, then spent 7 years as a chip designer at Intel, Nvidia, and Freescale Semiconductor.
In 2009, he quit his engineering career, invested his life savings of ₹8 lakh, rented a small Dwarka office, and started building MobiKwik’s first website himself — writing every line of Java code. Today he leads 760 employees as CEO.
🎓 IIT Delhi · B.Tech EE 2002Upasana is widely recognised as India’s first woman leader in fintech. A Kashmiri family native who grew up in Gujarat, she studied engineering at Punjab Engineering College before going on to work at PayPal (Silicon Valley) and HSBC — bringing global fintech expertise back to India.
She joined MobiKwik in 2012 and launched Zaakpay, a payment gateway that strengthened the company’s B2B fintech footprint. She has driven product diversification into lending, insurance, mutual funds, and the BNPL segment Zip — balancing motherhood with boardroom leadership throughout.
🎓 Punjab Engineering College · ex-PayPal · ex-HSBCChandan joined MobiKwik as VP and later became a co-founder, contributing to product strategy and merchant partnerships. He now leads the payments vertical as CEO Payments, focusing on scaling merchant acceptance and payment infrastructure across the platform.
💼 Co-Founder · CEO PaymentsOne of MobiKwik’s earliest co-founders, Sunali focused on product development in the company’s formative years. She has since founded several other ventures including BYBO, AsYouAre, and Trabug — a testament to MobiKwik’s startup culture that has spawned multiple founder alumni.
🚀 Serial Entrepreneur · ex-MobiKwikServices & Products
MobiKwik began as a mobile recharge site and has since built a horizontal fintech platform that touches payments, credit, savings and merchant tools — all under one app.
MobiKwik: 16 Years in the Making
Revenue & Turnover
MobiKwik’s financial trajectory tells the classic fintech story: years of losses followed by a profitability inflection, then renewed investment in growth. FY25 saw a return to loss as the company re-invested heavily in payments growth and credit product expansion.
| Year | Revenue / Total Income | Net Profit / Loss | Key Milestone |
|---|---|---|---|
| FY23 | ₹539.5 Cr | Loss ₹83.8 Cr | Restructuring year; cost cuts begin |
| FY24 | ₹875 Cr (+62% YoY) | Profit ₹14.1 Cr ✅ | First full-year profit; IPO filed |
| FY25 | ₹1,192.5 Cr (+34% YoY) | Loss ₹122.6 Cr | Re-investment in payments growth; 176M+ users |
| Q3 FY25 | ₹269.5 Cr (+17.7% YoY) | Loss ₹55.2 Cr | Payments revenue +142%; user base grows |
| IPO (Dec 2024) | Raised ₹572 crore | Listed on NSE & BSE | |
| Total Funding | $284 million (24 rounds) | Peak XV, Bajaj Finance, Sequoia, AmEx, Cisco | |
The RBI NBFC Approval — What It Means
On April 28, 2026, MobiKwik announced that it had received in-principle approval from the Reserve Bank of India for a Non-Banking Financial Company (NBFC) licence. The news sent shares surging 14% on the BSE in a single session — a clear signal from the market that investors see this as a transformational moment.
“The NBFC application approval is a pivotal step in MobiKwik Group’s evolution into a scaled financial services platform.”— Upasana Taku, Co-Founder & Executive Director, MobiKwik
MobiKwik Financial Services Pvt. Ltd.
The new wholly owned subsidiary — MobiKwik Financial Services Private Limited — will serve as the company’s in-house NBFC arm. Operations will commence once MobiKwik receives a Certificate of Registration from the RBI and fulfils all regulatory conditions. The subsidiary was incorporated in April 2025 with an initial investment of ₹9.99 crore.
The shift from a distribution-led lending model (partnering with other NBFCs) to a origination-led model (owning the loan book) is the single biggest structural change in MobiKwik’s history since its RBI PPI licence in 2013. With 186 million users and 5 million merchants generating rich transactional data, the NBFC is MobiKwik’s bet that its data advantage is worth more than any balance sheet lender can offer as a partner.
What Happens Next?
The NBFC approval is not a destination — it is the starting gun for MobiKwik’s most ambitious chapter yet. Here is what to watch in the coming months.
MobiKwik at a Glance
MobiKwik — One MobiKwik Systems Limited
