MobiKwik Invests ₹61 Crore in Lending Arm, Appoints New Chief
Indian fintech MobiKwik has transferred its digital lending operations to a wholly-owned subsidiary, injecting ₹60.85 crore in equity. The company has also appointed Manish Pathania as Chief Business Officer for the subsidiary.
Fintech company MobiKwik has completed the transfer of its digital lending operations and associated team to its wholly-owned subsidiary, MobiKwik Distribution Services Private Limited (MDSPL). The company is infusing ₹60.85 crore as equity into MDSPL.
To bolster the subsidiary's operations, MobiKwik has appointed former Bajaj Markets executive Manish Pathania as the Chief Business Officer (CBO) of MDSPL. Pathania, with nearly two decades of experience in financial institutions, will oversee the digital lending business and drive its growth.
This restructuring and funding align with MobiKwik's acquisition of a non-banking financial company (NBFC) license. The Reserve Bank of India (RBI) had stipulated that the lending service provider (LSP) business must be migrated to an independent subsidiary before issuing the final license.
The NBFC license is expected to enhance MobiKwik's lending capabilities, expand its credit product offerings, and allow it to serve a broader customer base. The company reported a net profit of ₹7.6 crore in Q1 FY27, a significant improvement from a loss in the previous year, with revenue from financial services also seeing substantial growth.