MobiKwik Listed

Pocket UPI, where UPI payments could be debited from one's digital wallet, without bank links

MobiKwik offers a buy-now-pay-later service called Zip through partnerships with Lendbox and Cashfree

Zaakpay subsidiary operates as a payment aggregator handling merchant collections and B2B payments

180.2 million mobile wallet users as of June 2025

4.64 million merchants on the platform

First Card, which the fintech launched in August 2024, targets new-to-credit users with no credit score

MobiKwik retains users through SuperCash, letting them earn rewards on transactions and redeem up to 5% of a purchase as an assured discount on future payments across its merchant network, with no expiry as long as one payment is made every 3 months.

MobiKwik grows and retains its user base through a refer-and-earn program where both the referrer and the referred friend earn SuperCash when the friend funds their wallet, capped at a monthly earning limit.

For its merchant segment, MobiKwik runs a self-serve partner sign-up funnel (contact-form based) pitching access to its user base in exchange for onboarding as a payment-accepting merchant.

MobiKwik started as a payment wallet and continues to use its wallet offering as the primary distribution channel to acquire customers and merchants

MobiKwik operates Zip EMI, a longer-tenure, installment-based, secured, mid-ticket credit line, with underwriting/collection activity that produced a take rate of around 8.41% in 2025.

Rather than carrying large lending exposure on its own balance sheet, MobiKwik's core activity is partnering with banks, NBFCs and investment providers to distribute financial products, earning distribution and servicing income.

MobiKwik runs AI-driven systems -- including an in-house 'Agentic AI' model -- across product testing, collections, personalised messaging and customer follow-ups, drawing on its own transaction-data platform.

MobiKwik continuously manages KYC and regulatory compliance across its wallet business, including running full-KYC verification so PPI wallets can be linked directly to UPI handles.

MobiKwik's wholly owned subsidiary, MobiKwik Financial Services Private Limited, received an RBI NBFC license, giving the company an in-house lending arm instead of depending solely on third-party bank/NBFC partners.

MobiKwik's Zaakpay subsidiary holds an RBI payment aggregator license, the core regulatory asset that lets it collect and settle merchant payments.

MobiKwik recently obtained a stock broking license from SEBI, extending its regulatory footprint from payments into investment products.

MobiKwik invests heavily in artificial intelligence, machine learning, cloud infrastructure and data analytics, which power customer acquisition, fraud detection, underwriting, payment processing and personalization across the platform.

MobiKwik offers a buy-now-pay-later service called Zip through partnerships with Lendbox and Cashfree, plus a peer-to-peer lending platform called Xtra with Lendbox

MobiKwik offers a buy-now-pay-later service called Zip through partnerships with Lendbox and Cashfree

The partnership enabled MobiKwik to launch India's first debit and credit wallet, through which Bajaj Finance would extend credit facilities via MobiKwik's mobile app

Payments revenue rose 24% over the last year, making up 76% to the company's overall income

Revenue drivers are mainly MDRs, late fees and one time activation fees

MobiKwik charges merchants for services like QR codes, POS integrations, and payment gateways via Zaakpay

Payment gateway charges, the biggest contributor to total expenses, plunged 31% to INR 156.6 Cr from INR 227.6 Cr in the previous fiscal year

Employee benefit expenses, another big contributor to total expenses, fell 8.4% to INR 98.2 Cr in FY23 from INR 107.2 Cr in FY22