- Empowering millions across India with instant, hassle-free credit access
- Tailored personal loans with convenient, flexible repayment options
Gurugram, April 21, 2025 – MobiKwik (One MobiKwik Systems Ltd.), India’s largest digital wallet that offers a wide range of payments and financial products to both consumers & merchants, today announced a strategic partnership with Poonawalla Fincorp, a Cyrus Poonawalla Group promoted NBFC arm focused on Consumer & MSME to offer instant personal loans. This collaboration aims to democratize quick access to credit for millions of Indians through MobiKwik’s ZIP EMI product.
The partnership enables MobiKwik app users pan India to access instant personal loans ranging from INR 50,000 to INR 15,00,000 through ZIP EMI. The loans are designed to meet various financial needs such as funding education, medical expenses, travel expenses, and other consumption purposes. Users can choose flexible repayment options ranging from 6 to 36 months.
With minimal documentation requirements and a rapid approval process, the loan is available at any time of the day, further enhancing the convenience and speed that have been hallmarks of MobiKwik’s services. This initiative marks a significant step towards adopting a distribution model and expanding services to a wider audience.
Another advantage of this offering is that it helps users enhance their credit scores. By making timely loan repayments, borrowers can establish or improve their credit history and become eligible for higher loan amounts.
Speaking on the occasion, Ankur Jaipuria, CEO of Lending Business, MobiKwik, said, “Our partnership with Poonawalla Fincorp represents a pivotal step in democratizing credit access for millions across India. We’re committed to providing financial services that reach people across all strata and demography.”
On the partnership, Vikas Pandey, Chief Business Officer – Consumer Finance and Head Digital Marketing, said, “We are delighted to partner with MobiKwik to expand our reach and provide accessible credit solutions to a wider audience through our risk-first approach. This collaboration aligns perfectly with our mission to provide individuals across India with seamless and convenient financial services. By integrating our loan origination and servicing process with MobiKwik’s extensive digital platform. This partnership enables us to leverage MobiKwik’s deep penetration in Tier 2, Tier 3 cities, and beyond. This strategic alignment further strengthens our commitment to responsible lending and fostering economic growth across India.”
Through this partnership, MobiKwik will offer loans via its app to borrowers across diverse income segments in Tier 2, Tier 3 cities, and beyond. Poonawalla Fincorp will serve as the lender, while MobiKwik will act as the facilitator of the loan product, leveraging its tech platform to connect borrowers with much-needed credit.
About Poonawalla Fincorp Limited:
It is headquartered in Pune and is a Cyrus Poonawalla group promoted non-deposit taking systemically important non-banking finance company (ND-SI-NBFC), registered with the Reserve Bank of India (RBI). The Company started operations nearly three decades back and is listed on the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE). The Company’s identity “P” stands for Passion, Principles, Purpose, People, and Possibilities. The Company has widespread coverage across 18 states and 2 Union Territories. The Company has AUM of ₹30,984 crore as of December 31, 2024 and employs around 2560+ people. The Company’s financial services offerings include preowned car finance, personal loans, consumer loans, loans to professionals, business loans, loans against property, and machinery loans.
One MobiKwik Systems Ltd. (MobiKwik) is India’s largest digital wallet that offers a wide range of payments and financial products to both consumers and merchants.
The Company founded by Bipin Preet Singh and Upasana Taku in 2009, today offers various payment products such as MobiKwik Wallet, UPI, Pocket UPI, and Zaakpay (payment gateway) serving 172 Mn+ registered users and 4.5 Mn+ merchants. The Company has expanded into the distribution of financial products ranging from credit (MobiKwik ZIP, ZIP EMI), savings & investment (Fixed Deposits, Mutual Funds, Digital Gold, Lens.AI), and insurance products on its platform.
According to the RedSeer Report, as of Fiscal 2023, MobiKwik had the fourth-highest user base in India in terms of total registered users on the platform. MobiKwik was termed as one of the largest leading digital financial product and services platforms in India by registered users. MobiKwik is the largest digital wallet in India with a 23% market share of the PPI wallet gross transaction value (GTV) as of November 2024.
MobiKwik, listed on both the NSE and BSE in December 2024, remains committed to financial inclusion and the evolving needs of diverse consumer segments.
For more details, please visit our website: https://www.mobikwik.com/