MobiKwik is targeting 30-35% growth in payments and digital credit GMV in FY27 and has set an ambitious goal of 10x revenue by FY28, as the fintech platform looks to scale its payments, lending, merchant acquiring and artificial intelligence businesses.
In their message to shareholders in the company’s Annual Report 2026, Bipin Preet Singh, Co-Founder, Managing Director & CEO, and Upasana Taku, Co-Founder, Executive Director & CFO, said the FY28 revenue ambition would be driven by four growth engines rather than by a single business.
The company said its core consumer payments and lending business generated positive EBITDA of ₹50 crore in FY26, providing a profitability base to fund investments in the next phase of expansion.
Four growth engines
MobiKwik has identified offline merchant payments, online merchant acquiring through Zaakpay, its lending business and artificial intelligence as the four key growth engines for achieving its FY28 ambition.
The company plans to scale its offline merchant payments business by significantly increasing its device presence. It has committed to a 5x increase in devices over the next two years, targeting a presence equivalent to 10-20% of the market leader in offline acceptance.
Unlike consumer UPI transactions, merchant payments generate revenue on transactions, making the segment a key component of MobiKwik’s monetisation strategy.
The company’s online merchant acquiring business, operated through Zaakpay, is targeting a 10x increase in GMV by FY28. MobiKwik said it will focus on high-value merchant verticals where increased market share can translate into stronger margins.
Lending economics set for change
MobiKwik expects its proposed non-banking financial company (NBFC) to improve the economics of its lending business once it receives the Certificate of Registration.
The Reserve Bank of India granted MobiKwik in-principle approval for an NBFC licence in April 2026.
The company said the proposed NBFC structure would provide greater control over the lending lifecycle, including product design, access to a broader pool of co-lending partners and the ability to retain the full net interest margin on its own book.
According to MobiKwik, the transition is expected to result in improved lending margins, greater product flexibility and a more direct relationship with borrowers.
The company, however, said the NBFC would primarily act as an enabler for its existing lending business rather than being treated as a standalone growth engine.
AI to drive operating leverage
Artificial intelligence is the fourth pillar of MobiKwik’s growth strategy.
The company said AI is being integrated into its operating model to enable the other three growth engines to scale without a proportionate increase in costs.
MobiKwik said the impact of this strategy had already begun to be reflected in margins during FY26, with the year marking the beginning of deeper AI integration across its operations.
Three new licences strengthen fintech flywheel
MobiKwik said it secured three significant regulatory licences within a 12-month period, creating what it describes as a unified “pay, borrow, save” financial services flywheel.
Besides the in-principle NBFC approval, the company secured an Online Payment Aggregator (PA/PG) licence and a stock broking licence during the year.
These licences complement MobiKwik’s existing regulatory authorisations, including its Prepaid Payment Instrument (PPI) licence, Bharat Bill Payment Operating Unit (BBPOU) authorisation, AMFI registration, Investment Adviser registration for wealth distribution and Corporate Agent (Composite) licence for insurance.
The company said it believes it is the only player in its segment to hold all three of the newer licences.
From payments platform to broader financial ecosystem
MobiKwik’s strategy is increasingly centred on building an integrated financial services platform rather than relying solely on its consumer payments franchise.
The combination of payments, merchant acquiring, lending, wealth and insurance capabilities, supported by new regulatory licences and AI-led operating leverage, is expected to provide the foundation for the company’s aggressive FY28 revenue target.
With FY27 focused on scaling payments and digital credit GMV by 30-35%, MobiKwik is positioning the next two years as a period of accelerated investment and business diversification, backed by a profitable core and expanding regulatory capabilities.