Piramal Finance and MobiKwik Collaborate to Provide Personal Loans

MobiKwik, a recently listed fintech giant, has partnered with Piramal Capital and Housing Finance (Piramal Finance) to provide users nationwide with personal loans up to INR 2 lakh. According to a statement from the fintech startup, the agreement will allow MobiKwik users can apply for loans under the ZIP EMI plan using company’s app, with amounts ranging from INR 50,000 to INR 2 lakh. These loans are available to all MobikWik app users between the ages of 23 and 55 who earn more than INR 25K. The loan period ranges from six months to two years. The fintech major stated that it hopes to meet its clients' various financial demands with its new product, which includes, among other things, travel, medical, and educational costs.

Solving the Credit Issue of the Customers

The collaboration between MobiKwik and Piramal Finance is a big step in meeting the credit needs of millions of Indians. According to MobiKwik cofounder and MD Bipin Preet Singh, MobiKwik, the company is confident in delivering a smooth user experience by fusing Piramal Finance's financial services experience with its digital platform.

These loans are available to those who earn more than INR 25,000, are between the ages of 23 and 55, and have a repayment period of six to twenty-four months. MobiKwik has eight arrangements in place to provide personal loans prior to Piramal Finance.

About MobiKwik and its Latest Developments

MobiKwik is a digital banking platform that was founded in 2009 by Bipin Preet Singh and Upasana Taku. It provides a variety of financial products and payment methods to consumers and merchants, including digital wallets, UPI, pocket UPI, and Zaakpay (payment gateway). With 167 million registered customers and a network of 4.4 million merchants, the firm bills itself as India's biggest provider of digital wallets.

Notably, MobiKwik was one of 13 cutting-edge tech firms to go public in 2024. The company's shares were listed on the BSE for INR 442.25 each, which was 58.5% more than the IPO issue price of INR 279 per share. Higher tax costs caused MobiKwik to go into the deficit in the September quarter of the fiscal year 2024–2025 (Q2 FY25). The fintech juggernaut posted a net loss of INR 3.59 Cr in the second quarter of FY25, compared to INR 5.22 Cr in the same time last year. During the reviewed quarter, operating revenue increased 42% to INR 290.65 Cr from INR 203.45 Cr in Q2 FY24.

Despite a 33% yearly drop to $1.9 billion, India still ranks third in the world for fintech funding in 2024. With eight IPOs and two new unicorns, the ecosystem demonstrated resiliency. Digital lending solutions dominated investment, with notable funding rounds including DMI Finance and Credit Saison. Elevation Capital and Peak XV Partners were among the major investors.

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