New Delhi: Digital financial services company MobiKwik has partnered with non-banking financial company Poonawalla Fincorp to expand its digital lending portfolio.
The collaboration between MobiKwik and Poonawalla Fincorp aims to offer instant personal loans ranging from Rs 50,000 to Rs 15 lakh through the MobiKwik app, targeting a wider user base across Tier two and Tier three cities.
Broader Credit Access via ZIP EMI
Under the partnership, loans will be extended through MobiKwik’s ZIP EMI service, which is designed to provide short-term credit for individual financial needs such as education, healthcare, and travel. The move is in line with MobiKwik’s strategy to tap into underserved income segments and broaden its footprint in semi-urban and rural markets.
Ankur Jain, CEO of MobiKwik’s lending business, stated that the company aims to make credit access simpler for a wider population, aligning with its focus on financial inclusion.
Diversification Amid Profitability Challenges
The partnership comes at a time when MobiKwik is actively diversifying its offerings in an effort to return to profitability. The company reported a consolidated net loss of Rs 55.28 crore in Q3 FY25, a reversal from the Rs 5.27 crore profit posted in the same quarter last year. The loss was attributed to reduced financial services revenue and rising costs linked to its lending business.
In recent months, MobiKwik has announced several new verticals, including a foray into investment tech through the launch of MobiKwik Securities Broking Limited. The company is also exploring entry into the insurance aggregation and distribution space, while simultaneously scaling up its Pocket UPI and spend analytics platform, Lens.
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