MobiKwik Partners Poonawalla Fincorp To Offer Instant Personal Loans

Listed fintech startup MobiKwik has partnered with Poonawalla Fincorp to offer instant personal loans of up to INR 15 Lakh to its customers.

Through this partnership, MobiKwik will offer loans via its app to borrowers across diverse income segments in Tier II, III and beyond cities. 

“Our partnership with Poonawala Group represents a pivotal step in democratising credit access for millions across India,” said Ankur Jaipuria, CEO of MobiKwik’s lending business.

Under the initiative, MobiKwik users pan India will have access to a loan amount for ZIP EMI ranging from INR 50K to INR 15 Lakh.

ZIP EMI is a personal loan service provided by MobiKwik.

The fintech major said that with its new offering, it aims to address the diverse financial needs of its customers, including education expenses, medical expenses and travel expenses among others.

At 2:12 PM, shares of MobiKwik were trading 1.04% higher at INR 281.65 apiece on the BSE.

Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik is a digital banking platform that offers a range of payments and financial products to both customers and merchants such as digital wallet, UPI, pocket UPI, and Zaakpay (payment gateway).

The company claims to be India’s largest digital wallet provider serving over 172 Mn registered users and a network of 4.5 Mn+ merchants.

It is to be noted that MobiKwik was among the 13 new-age tech companies that went public in 2024 with its shares listing at INR 442.25 apiece on the BSE, a 58.5% premium against the IPO issue price of INR 279 per share.

MobiKwik’s Diversification Push For Profitability

While MobiKwik is yet to disclose its earnings for the March quarter of the financial year 2024-25 (Q4 FY25), it reported a loss in all three previous quarters. 

The fintech company reported a consolidated net loss of INR 55.28 Cr in Q3 FY25 against a profit of INR 5.27 Cr in the year-ago quarter, hurt by lower financial services revenue and higher lending-related costs. 

In an effort to get back to the profitability lane, MobiKwik has been diversifying into newer segments and expanding its product portfolio. In March, the company set up a wholly owned subsidiary MobiKwik Securities Broking Limited, marking its entry in Indias’s burgeoning investment tech space.

During the company’s Q3 FY25 post-earnings call, Taku said that MobiKwik was also looking to expand its spend analytics platform Lens and venture into the insurance aggregator and insurance distributor segments. It is also focusing on scaling its prepaid payment instruments (PPI) offering, Pocket UPI.