MobiKwik, a prominent fintech platform, is prioritizing the expansion of its UPI services and is set to launch its RuPay credit card to the public shortly, as stated by Upasana Taku, the company’s executive director, co-founder, and CFO. “The IPO has provided us with ₹572 crore, and we are now strategizing on how to allocate these funds wisely to enhance our current business lines while also exploring new ventures that promise future growth,” Taku mentioned during the company’s analyst call on Tuesday, following the announcement of its quarterly results, which revealed a quarter-on-quarter loss of ₹55 crore in Q3 FY25, compared to a profit of ₹5 crore in Q3 FY24. However, revenue from operations rose to ₹269 crore in Q3 FY25, up from ₹229 crore in Q3 FY24.
Taku emphasized the company’s commitment to scaling its UPI business, highlighting Pocket UPI and credit card on UPI as key products for growth. “We initiated efforts in 2024, and we are witnessing significant progress in this area,” she added. Pocket UPI refers to prepaid payment instruments on UPI, allowing users to pay via their wallets using UPI QR codes from any bank or payment provider. This model incurs a merchant discount rate (MDR), a fee merchants pay for processing card transactions.
Additionally, MobiKwik is testing a co-branded RuPay credit card within its app, with plans to make it publicly available soon. “This credit card will enable users to utilize small-ticket credit for their UPI transactions, also generating MDR revenue,” Taku explained. On the lending front, the company aims to diversify its portfolio by incorporating secured products, innovative offerings, and new partnerships. Taku also noted early opportunities in savings and insurance distribution, mentioning a product called lens.ai, which has seen significant investment. This product is envisioned as a digital advisor for Indian markets, facilitating investments through the MobiKwik app in mutual funds, fixed deposits, digital gold, and more. The company also holds an insurance distribution license, which it plans to launch this year.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik provides a range of payment solutions, including MobiKwik Wallet, UPI, Pocket UPI, and Zaakpay, catering to 172 million registered users and 4.5 million merchants.
