According to reports, digital payments platform One MobiKwik Systems has incorporated a subsidiary to offer non-bank financial services.

In its filing to the exchange, MobikWik announced that the NBFC subsidiary, MFSPL, has been established after obtaining all necessary approvals from the Ministry of Corporate Affairs and Central Processing Centre. It has designated an initial paid-up share capital of Rs.1 Lakh for the newly established subsidiary.

The company stated in its filing that as an NBFC, the MobiKwik subsidiary will finance various types of leasing, hiring, and business-related purchases, such as machinery, equipment, vehicles, aircraft, factories, ships, rolling stock, and both movable and immovable property.

Only a few days prior, the fintech giant partnered with Poonawalla Fincorp to provide immediate personal loans of up to Rs 15 Lakh.

Last month, it established a wholly-owned subsidiary, Mobikwik Securities Broking Private Limited, to enter the expanding investment tech market in the country. This action aims to compete directly with major players such as Zerodha and Groww.

In February, the fintech startup acquired another 3.39 percent stake in the B2B banking infrastructure firm Blostem Fintech Private Limited for Rs. 1.5 Cr, increasing total ownership in Blostem to 6.79 percent.

Established in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik made its debut on the Indian stock exchanges in December 2024. Following its peak of almost Rs. 698 on December 26, 2024, the fintech platform's shares have plummeted by nearly 60 percent , finishing Wednesday's trading session at Rs. 279.65 on the BSE.

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The sudden turnaround in its market performance has occurred following a more significant-than-anticipated loss of Rs. 55.28 Cr in Q3 FY25, despite a nearly 18 percent YoY increase in operating revenue to Rs. 269.47 Cr. In the meantime, the company still has not submitted its financial reports for Q4 FY25.