Highlights
MobiKwik’s Zaakpay Receives RBI Approval for Online Payment Aggregation
Fintech leader MobiKwik has officially announced that its subsidiary, Zaakpay, has been granted a certificate of authorisation by the Reserve Bank of India (RBI) to function as an online payment aggregator. This regulatory approval marks a significant step for Zaakpay in enhancing its operations in the fast-evolving digital payments landscape in India.
Significance of RBI Authorisation for Zaakpay
In October 2023, Zaakpay had initially secured in-principle approval from the RBI to serve as a payment aggregator. This latest endorsement allows Zaakpay to expand its capabilities within India’s growing digital payment framework. As an RBI-authorised payment aggregator, Zaakpay is now positioned to onboard merchants and facilitate online transactions while adhering to the guidelines set forth by the central bank.
Enhancing Operations and Market Presence
In its regulatory filing, MobiKwik highlighted that this achievement amplifies Zaakpay’s ability to scale its operations and strengthen its foothold in the digital payments sector. The company is poised to leverage this regulatory support to enhance user experiences and broaden service offerings.
Recent Developments at MobiKwik
Last week, MobiKwik established a new subsidiary, MobiKwik Financial Services Private Limited (MFSPL), aimed at operating as a Non-Banking Financial Company (NBFC). Additionally, the Gurugram-based fintech has ventured into the securities broking market through its fully owned subsidiary, MobiKwik Securities Broking Private Limited (MSBPL).
Growth Metrics and Financial Performance
As of Q3 FY25, MobiKwik reported a registered user base of 172 million and a substantial merchant network comprising 5 million. In the third quarter of the preceding fiscal year, the company achieved revenues of Rs 269 crore, although it recorded a loss of Rs 55.2 crore. These figures underline the company’s ongoing growth and ambition within the financial technology space.
At the market close on Wednesday, shares of MobiKwik were trading at approximately Rs 252.45 each, reflecting investor interest amid the company’s strategic advancements in the fintech sector.