Paytm went through the fire soon after its listing, and now it’s MobiKwik’s turn. The Gurugram-based fintech company has seen a rough few months after listing.

Having peaked in the first week after its IPO, MobiKwik has been on a slide for the past three-plus months.

It has indeed been painful for those who have been holding MobiKwik since its listing. The stock hit a peak of INR 698.30 on December 26, 2024, but since then it has lost over 56% value and is currently trading at INR 304.85 as of Friday, March 28, 2025.

This quarter of pain for the stock has coincided with higher-than-expected losses for the December quarter. Revenue from the lucrative lending business fell in the quarter (over 50% YoY) as the distribution model saw a slowdown.

Besides this, the company brought in a default loss guarantee in its contracts with RBI-backed lenders to ensure higher commission on each loan disbursed, but this requires allocation from the capital reserves. This higher expense pushed MobiKwik to INR 55 Cr in Q3 FY25, a sharp turn from the profitable end to FY24.

And since the December quarter MobiKwik has put all its energy into the diversification push. The big measures are a new investments and wealthtech platform along with a push towards insurance broking.

These are also steps that bring MobiKwik closer to the super app model that’s basically the only strategy on offer for many payments apps in light of the extant zero MDR rules for UPI payments.

MobiKwik Dives Into New Revenue Streams

MobiKwik currently offers digital payment offerings such as Pocket UPI where users can make UPI payments directly with the platform’s digital wallet. It also offers other financial services such as micro lending and investments in mutual funds.

It’s interesting to note that despite a dip in lending revenue and GMV, MobiKwik’s overall revenue from operations jumped nearly 18% YoY to INR 269.47 Cr. So the company has clearly seen credible growth in the past year.

Cofounder and CFO Upasana Taku said the focus going forward is on balancing the lending........

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