MobiKwik shifts digital lending business to NBFC arm MDSPL after RBI approval

MobiKwik has transferred its digital lending business to wholly owned subsidiary MDSPL, its NBFC arm, following RBI approval conditions. The company infused Rs 60.5 crore into MDSPL and expects quarterly disbursals to exceed Rs 1,000 crore as it adds lender partnerships and AI-led distribution capabilities.

— Source published Tue, 18 Aug, 2026, 19:56 IST · First seen Tue, 18 Aug, 2026, 20:09 IST · Source Business Standard · Companies

What happened

Mobikwik · MobiKwik moved its digital lending business to wholly owned NBFC subsidiary MDSPL following RBI approval conditions, appointed Manish Pathania as

Key facts

  • Rs 60.5 crore equity infusion
  • Over Rs 1,000 crore expected quarterly disbursals
  • 32% of Q1FY27 disbursals via distribution model
  • 68% of Q1FY27 disbursals via FLDG model
  • Nearly four months after NBFC licence approval

Why this matters

MDSPL’s dedicated NBFC structure makes MobiKwik a clearer partner for banks, lenders and fintech distribution alliances seeking a regulated digital-lending channel.

What to watch

  • Quarterly MDSPL disbursals crossing or missing the Rs 1,000 crore run-rate target.
  • Number and quality of new lender or co-lending partnerships, including whether partners provide committed funding lines.
  • Delinquency, collection efficiency, credit-loss provisions and repeat-borrower rates for new cohorts.
  • RBI communications or compliance actions affecting digital lending, loan-service-provider arrangements, customer consent or first-loss structures.
  • MDSPL net worth, capital adequacy, borrowing costs and need for further parent capital infusions.
  • Evidence that lending users increase payments, wallet, merchant or other core-platform engagement rather than merely raising acquisition costs.
  • Add banks, NBFCs and credit-marketplace partners to diversify lending capacity and reduce reliance on any single balance-sheet provider.
  • Deploy AI-led pre-approval, risk segmentation and collections tools using payments and merchant-behavior signals, subject to consent and regulatory controls.
  • Launch or expand embedded personal-loan, merchant-credit and repeat-borrower products within the MobiKwik app.
  • Increase MDSPL capital, warehouse financing or co-lending arrangements if disbursal growth approaches the stated target.
  • Separate lending economics and credit-performance disclosures more clearly to demonstrate MDSPL's scalability and risk controls to investors and lenders.