### **Overview** One MobiKwik Systems Ltd. is a leading Indian fintech platform, founded in 2009 by Bipin Preet Singh and Upasana Taku. As of November 2025, the company has evolved from a digital wallet pioneer into a comprehensive digital financial ecosystem, offering integrated services in **payments, lending, investments, and wealth management**. It targets India’s underserved "middle India" population—over 500 million individuals—particularly in Tier 2 and Tier 3 cities, focusing on financial inclusion for low-income and credit-inactive users. MobiKwik operates a **two-sided payments platform** connecting over **183.5 million registered users** (as of September 30, 2025) and **4.71 million merchants**, with a growing presence in digital transactions, bill payments, and financial product distribution. --- ### **Strategic Pillars & Business Model** MobiKwik’s strategy rests on **four key pillars**: 1. **Exponential growth in payments** 2. **Scaling digital financial services** 3. **Expansion into adjacent verticals** 4. **Cost optimization to improve operating leverage** The company follows a **data-driven, technology-first approach**, leveraging AI, a scalable cloud-based data lake (on AWS and private infrastructure), and predictive analytics to drive fraud detection, personalization, and customer experience. --- ### **Core Business Segments** #### **1. Payments & Payment Infrastructure** - **MobiKwik Wallet**: One of India's first mobile wallets; now India’s **largest digital wallet by GMV** (as per RBI data, March 2025). - 183.5 million registered users (10% YoY growth). - Net payments margin of **13 bps in FY24–25**, up from 16 bps in FY23–24, reflecting margin stability. - **Pocket UPI**: A **wallet-layered UPI product**, launched in 2023, allowing UPI payments via wallet balance—**without linking a bank account directly**. - Enables functional use during bank outages; features PIN-less payments. - Among the **top 3 fastest-growing UPI apps**, adding **3.3 million users and 71,000 merchants in Q2FY26**. - Reported 76% YoY GMV growth and gross margins of **27.9%** (Jul 2025). - **Zaakpay**: MobiKwik’s **RBI-licensed B2B payment gateway subsidiary**. - Full PA/PG license granted in April 2025. - Enables online/offline merchants to accept payments via checkout pages, payment links, QR codes, and UPI Autopay. - Serves high-volume enterprises: **IRCTC, Delhi Metro, Uber, Meta, Shopify**. - Offers **instant settlements, invoicing, and multi-mode payments** (100+ options). - Positioned as a high-growth, profitable B2B venture with low fixed costs and strong margins. #### **2. Digital Lending & Credit Distribution** - Operates under **two models**: - **Risk-sharing (DLG/FLDG)**: MobiKwik shares risk, earns NIM, and manages collections. - **Risk-free distribution**: Pure lead generation; revenue from partner commissions. - Key products: - **ZIP EMI**: Interest-bearing loan product (tenure: 3–24 months; amount: ₹10K–₹2L), disbursed via partner NBFCs/banks. - Disbursals grew from ₹1,636Cr (FY22) to ₹30,231Cr (FY24). - Recovering post-downturn: **31–32% QoQ growth in Q4FY25**. - Take rate improved to **8.41%**, gross margin to **13.3%**. - **First Card**: **FD-backed RuPay credit card**, interest-free, lifetime free, UPI-enabled, designed for “new-to-credit” users. - Builds credit history; earns **1.8% MDR share** on UPI transactions. - **Partnerships**: Collaborates with **Poonawalla Fincorp** and other banks/NBFCs to distribute credit efficiently. - Strategy shift: Paused small-ticket ZIP; focused on **longer-tenure, higher-ticket ZIP EMI**, driving recovery. #### **3. Wealth & Investment Services** - **ZaakPay Stock Broking**: Secured **SEBI approval in Nov 2025** to offer equity trading and settlement. - Enables users to **spend, borrow, and invest** in one app. - Aims to build **long-term annuity revenue** via **AI-powered personalized investment features**. - **Wealth Distribution Platform**: - Offers **fixed deposits, mutual funds, digital gold, and insurance** (new vertical). - Targets **first-time investors seeking low-volatility products**. - **Insurance Distribution License**: Plans to launch insurance services in 2025. #### **4. Foreign Exchange (New Service)** - **FX Retail by Bharat Connect** (Nov 2025): - India’s **first fully digital, middleman-free retail forex platform**. - Developed in collaboration with **NPCI** and **RBI**. - Allows users to **buy & reload foreign currency digitally**, with **same-day (T+0) branch collection**. - Enhances cross-border transaction capabilities and strengthens MobiKwik’s financial ecosystem. --- ### **Technology & Innovation** #### **AI & Data Strategy** - **AI-Powered Portfolio View**: Uses Account Aggregator (AA) framework to unify **bank, stock, and mutual fund data** into a single real-time dashboard. - **Lens.ai**: AI-powered financial insights chatbot; enables **conversational financial management**; helps users track spending and set goals. - **Empathetic AI for Collections**: - Conducts multilingual **voice calls (Hindi, English, regional)**. - Reduces outbound costs by **30% per call** while improving engagement. - Integrates with CRM/LMS to **negotiate repayments and send instant UPI links**. - **Agentic AI**: Automates operations and **reduces development cycles by 30%**. - **Voice-Based UPI (Experimental)**: Under development for **visually impaired, elderly, and non-English users**—supports financial inclusion in regional languages. #### **Infrastructure** - **Cloud-based, event-driven, distributed architecture** on AWS and private cloud. - Designed for **high throughput and 99.95% uptime**. - Processes **terabytes of data in real-time** for fraud management, personalization, and analytics. --- ### **Financial & Operational Highlights (as of Nov 2025)** | Metric | Value (Latest) | |-------|----------------| | **Registered Users** | 183.5M (Sep 2025) | | **Merchants** | 4.71M (Q2FY26) | | **Payments GMV (FY25)** | ₹1.16 lakh crores (+203% YoY) | | **Bill Payments Contribution Profit** | ₹774M (Q1FY26) → ₹961M (Q2FY26) (+24.1% QoQ) | | **UPI Segment EBITDA** | Loss reduced from ₹312M (Q1) to ₹64M (Q2FY26) — **80% improvement** | | **ZIP EMI Disbursals (Q4FY25)** | ₹6,931 Cr (+31% QoQ) | | **EBITDA Trend** | Profitable in 6 of last 8 quarters; expects break-even in H2FY26 | | **Market Position** | #1 Wallet, #6 Bill Pay, #16 UPI App (India) | --- ### **Regulatory & Strategic Milestones** - **Digital Rupee (e₹) Launch**: One of first fintechs to integrate **RBI’s sovereign digital currency**. - Enables instant P2P/P2M transactions; works without bank account. - Supports **RBI’s vision for a transparent, digital economy**. - **PA/PG & Stock Broking Licenses**: Critical enablers of **full-stack fintech ambitions**. - **IPO & Capital Allocation**: - Raised **₹572 crores** in IPO (Dec 2024). - Funds directed toward **merchant device expansion (Soundbox, EDC)**, product innovation, and ecosystem growth.