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One Mobikwik
Our verdict on One Mobikwik isn’t the consensus take — see where we landed, and the one risk the bull case glosses over.
See the verdict — free →Does management do what it says?
MobiKwik intends to become an AI-first company by FY28, with AI owning the full lending lifecycle. — target: AI-first company (+4 more commitments)
“MobiKwik as a company intends to be an AI-first company by FY28. ... AI will own the full lending lifecycle, it will identify funnel drops, drive user personalization at scale, and acquire better cohorts at lower spend”
Targeting a 5X scale-up of devices (EDC & Sound Box) to support merchant business growth. — target: 5X scale-up
“Break-Even expected by FY28 backed by a 5X scale-up of Devices”
The company is implementing AI-powered debt collection to reduce operational costs. — target: 30% lower cost per call (+2 more commitments)
“Delivers a 30% lower cost per call, freeing human agents for complex, high-value negotiations.”
Expect to launch NBFC operations and start disbursals in the co-lending model within a six to nine month timeframe. — target: Launch operations (+4 more commitments)
“And after that in the six to nine month timeframe is when I expect that we will launch the operations and start disbursals in the co-lending model.”
MobiKwik is driving adoption of the RBI's Digital Rupee as one of the first fintechs to go live.
“As one of the first Fintechs to go live with the RBI's Digital Rupee (e₹), we are driving the early adoption of India's sovereign digital currency.”
See the full cited Management analysis of One Mobikwik
How durable is the business?
MobiKwik is deepening its technology moat by integrating AI into collections (KWIK Collect) and customer service to drive faster development and higher recovery efficiency. (2 expanding)
“AI as a Catalyst to Scale faster, Collect Smarter & Serve Better in FY26... Launch of KWIK Collect, integrated with CRM for streamlined recovery”
The technology moat was tested by a significant fraud incident involving a technical bug in a code release. While the company recovered 70% of the funds, it highlights a temporary lapse in the automated risk controls previously cited as a strength. (1 stable, 3 expanding, 1 shifted)
“Incident occurred on September 12 due to a technical bug from a code release on September 9. It was exploited by 2,400 merchants in Haryana. Unauthorized payouts were stopped quickly; we’ve recovered most of the loss.”
The mix of payments is shifting heavily toward UPI, which now accounts for 35% of total GMV compared to just under 30% a year ago. UPI volumes on the network grew 85% year-on-year, making it the fastest-growing component but also putting pressure on gross take rates due to its zero-MDR nature. (1 shifted, 1 expanding)
“Within payments, in wallet, we remain the largest wallet in India by GTV as of March 2026 with about 20% market share. In UPI, we are the second fastest growing UPI app in India now.”
Revenue from financial services grew slightly quarter-on-quarter, but the company has shifted focus toward longer-tenure 'ZIP EMI' products while pausing the smaller 'Zip' product due to low lender appetite. (2 shifted, 3 expanding)
“Focus is on longer-tenure ZIP EMI.. Zip is paused due to low lender appetite”
The company is utilizing its regulatory positioning to operate under the First Loss Default Guarantee (FLDG) model, providing 3-5% guarantee to lending partners. This model is now the predominant and RBI-documented framework, which MobiKwik is leveraging using its IPO proceeds to back the guarantees. (1 stable)
“In terms of FLG as per the regulatory guidelines, the default laws guarantee that it's permissible to be given by the fintech partner is up to 5 percent and in most cases, we have 3-5 percent of FLDG that we have given.”
See the full cited Business Model analysis of One Mobikwik
Where does growth come from?
Zaakpay is positioned as a key growth lever following RBI licensing, now winning trust from industry leaders like IRCTC and Uber for Business. (3 new trend across 3 signals, 2 leading indicators)
“And after that in the six to nine month timeframe is when I expect that we will launch the operations and start disbursals in the co-lending model.”
Registered user base continues to expand steadily, adding 3.8 million new users in the latest quarter to reach a total of 180.2 million. (2 steady across 2 signals)
“2nd Fastest Growing UPI TPAP App in India... Based on NPCI data for top 20 TPAPs”
Payment GMV reached an all-time high, growing 53% year-on-year, while net margins remained steady at a healthy 15 basis points despite the zero-MDR environment. (2 steady, 1 accelerating across 3 signals)
“Within payments, in wallet, we remain the largest wallet in India by GTV as of March 2026 with about 20% market share.”
Lending margins are expected to recover to 40% by H2 FY26 as the impact of accounting changes and portfolio seasoning normalizes. (3 accelerating, 2 steady across 5 signals)
“Super-prime customer mix improved year-over-year from 10% to 32% in the total disbursements, while repeat loans went up from 20% to 63.5%.”
MobiKwik is transitioning to an 'AI-first' company, using artificial intelligence to write 80% of its computer code and handle 86% of customer support to lower costs and improve efficiency. (+3 more signals)
“MobiKwik as a company intends to be an AI-first company by FY28. We are already running AI across the business. 80% of code is AI generated, 55% of early collections are AI driven, and 86% of customer support is self-served by AI.”
See the full cited Future Growth analysis of One Mobikwik
What could break the thesis?
The risk is stable to easing. While the overall Payments Take Rate remained flat at 0.6% YoY, the Net Payments Margin (profit after gateway costs) improved from 11 bps to 15 bps due to a 27% improvement in Payment Gateway costs as a % of GMV. (1 easing, 4 stable)
“from a mid to long-term perspective we are guiding 12 to 15 basis points, even though every quarter so far we've been doing better than that.”
The risk is easing as the company has secured other key regulatory approvals, specifically SEBI approval for stock broking, which diversifies their financial services moat while they navigate lending transitions. (2 easing, 2 stable, 1 resolved)
“currently the TAT from the regulator is that we have to first move our existing digital lending LSP business to a wholly owned subsidiary... at least three to six months is the time frame in which the NBFC will be set up.”
The risk is easing. Lending related expenses as a % of Digital Credit GMV decreased from 7.9% in Q4FY25 to 7.3% in Q1FY26. Management reports a 'clear improvement in collection efficiency'. (5 easing)
“~35% Risk improved vs peak-stress... Quality rebuilt. NBFC unlocks the next chapter.”
Lending costs have significantly reduced as older, stressed loan books wind down and newer books show better recovery, with direct costs dropping from 7.3% to 4.4%. (1 easing)
“Cost reduction reflects the winding down of older loan books and the recovery in newer ones. Margins are stabilizing.”
STABLE. The merchant business (offline devices and online) continues to burn approximately Rs. 13-15 crores per quarter as the company ramps up from 366 to 1,118 cities. (1 stable, 1 intensifying)
“the merchant business that I just described... would be around Rs. 13-Rs.15 crores of burn every quarter.”
See the full cited Risk analysis of One Mobikwik
One Mobikwik analysis by filing period
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