Shares of fintech company MobiKwik rose by 12.3% to ₹226.6 following the approval from BSE to launch its stock broking business. This increase came after MobiKwik’s subsidiary, Mobikwik Securities Broking Private Limited (MSBPL), received the green light to engage in stock broking operations. MSBPL is now equipped to handle activities like equity trades, clearing, and settlement. The BSE approval marks a significant milestone in MobiKwik’s transformation into a comprehensive financial services platform.
MobiKwik’s CEO, Upasana Taku, emphasized the company’s goal to simplify investing for novice users amidst India’s expanding retail investor landscape. This move aligns with MobiKwik’s strategy to diversify its revenue streams beyond wallet-led payments, branching into payments, lending, and wealthtech sectors. By establishing MSBPL and an NBFC subsidiary, MobiKwik aims to compete with established players like Groww and Zerodha.
Source: Inc42 Media