Moneyview
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 227.45×
- Big non-institutionalbNII · above ₹10 lakh
- 131.54×
- Small non-institutionalsNII · ₹2–10 lakh
- 82.57×
- Retail individualRII · up to ₹2 lakh
- 18.74×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 11 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 01 Oct 2026 | ₹14.50 | — | ₹4,900 | ₹48.50 | ₹6,394.50 |
| 30 Sep 2026 | ₹14.60 | — | ₹4,900 | ₹48.60 | ₹6,438.60 |
| 29 Sep 2026 | ₹12 | — | ₹4,000 | ₹46 | ₹5,292 |
| 28 Sep 2026 | ₹12.75 | — | ₹4,300 | ₹46.75 | ₹5,622.75 |
| 27 Sep 2026 | ₹14 | — | ₹4,700 | ₹48 | ₹6,174 |
| 26 Sep 2026 | ₹14 | — | ₹4,700 | ₹48 | ₹6,174 |
| 25 Sep 2026 | ₹13.50 | — | ₹4,500 | ₹47.50 | ₹5,953.50 |
| 24 Sep 2026 | ₹15.50 | — | ₹5,200 | ₹49.50 | ₹6,835.50 |
| 23 Sep 2026 | ₹14 | — | ₹4,700 | ₹48 | ₹6,174 |
| 22 Sep 2026 | ₹11 | — | ₹3,700 | ₹45 | ₹4,851 |
| 21 Sep 2026 | ₹5 | — | ₹1,700 | ₹39 | ₹2,205 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 6,42,16,489 | 14,80,46,83,992 | ₹50,336 Cr | 230.54× |
| Non-institutional | 4,81,62,365 | 5,79,70,64,070 | ₹19,710 Cr | 120.37× |
| Big non-institutionalwithin NII | 3,21,08,244 | 4,40,48,89,251 | ₹14,977 Cr | 137.19× |
| Small non-institutionalwithin NII | 1,60,54,122 | 1,39,21,74,819 | ₹4,733 Cr | 86.72× |
| Retail individual | 11,23,78,852 | 2,29,31,93,385 | ₹7,797 Cr | 20.41× |
| Total | 22,47,57,706 | 22,89,51,55,332 | ₹77,844 Cr | 101.87× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 28 Sept, 06:42 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 24 Sep 2026 – 28 Sep 2026
- Listing date
- 01 Oct 2026
- Face value
- ₹1 per share
- Price band
- ₹32 – ₹34
- Lot size
- 441 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹1,092 Cr
- Fresh issue
- ₹750 Cr 22,05,88,235 shares
- Offer for sale
- ₹342 Cr 10,04,94,200 shares
- Market cap at offer price
- ₹5,985 Cr
- Promoter holding
- 23.96% → 19.31% pre-issue → post-issue
- ISIN
- INE0PTN01011
- CIN
- U72200KA2014PLC075775
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- 17/1, 1st and 2nd Floor, The Address Building, Outer Ring Road, Marathahalli, Kadubeesanahalli, Bangalore 560 103, Karnataka, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 6,50,89,575 | 27.99% | 27.99% |
| Anchor investor · within QIB | 9,63,24,729 | — | 41.43% |
| NII (HNI) | 5,02,30,380 | 21.60% | 21.60% |
| bNII > ₹10L · within NII | 3,34,86,920 | — | 14.40% |
| sNII < ₹10L · within NII | 1,67,43,460 | — | 7.20% |
| Retail (RII) | 11,72,04,220 | 50.41% | 50.41% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 23,25,24,175 | — | 100.00% |
Net offer to the public of 23,25,24,175 shares, out of a total issue of 23,25,24,175. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 441 shares per lot, in multiples, at ₹34
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 441 | ₹14,994 |
| Retail (max) | 13 | 5,733 | ₹1,94,922 |
| S-HNI (min) | 14 | 6,174 | ₹2,09,916 |
| S-HNI (max) | 66 | 29,106 | ₹9,89,604 |
| B-HNI (min) | 67 | 29,547 | ₹10,04,598 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹34 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 1.58 | 3.95 |
| P/E (×) | 21.52 | 8.61 |
| Price to book (×) | 2.62 | — |
| Market cap | — | ₹5,985 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 12.52%
- ROCE
- 18.00%
- NAV per share
- ₹12.98
- Price to book
- 2.62
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 3,404.27 | 2,378.53 | 1,389.24 |
| Revenue from operations | 3,351.16 | 2,339.15 | 1,342.37 |
| Other income | 53.12 | 39.38 | 46.87 |
| Total expenses | 2,870.27 | 2,059.32 | 1,190.94 |
| Operating profit | 534 | 319.21 | 198.3 |
| Operating margin | 15.69% | 13.42% | 14.27% |
| Profit before tax | 327.35 | 319.21 | 198.3 |
| Profit after tax | 242.71 | 240.28 | 171.15 |
| PAT margin | 7.13% | 10.10% | 12.32% |
| Balance sheet | |||
| Total assets | 8,104.85 | 5,632.42 | 3,519.5 |
| Current assets | 6,382.39 | 4,197.41 | 2,623.1 |
| Current liabilities | 3,822.86 | 2,482.6 | 1,467.61 |
| Total liabilities | 5,879.43 | 3,713.76 | 1,912.86 |
| Net worth | 2,225.42 | 1,918.66 | 1,606.64 |
| Current ratio | 1.67× | 1.69× | 1.79× |
| Return on equity | 10.91% | 12.52% | 10.65% |
| Cash flow | |||
| Operating cash flow | -950.9 | -1,420.7 | -1,632.74 |
| Investing cash flow | -230.85 | -135.3 | 452.21 |
| Financing cash flow | 1,647.79 | 1,659.64 | 1,517.81 |
| Net cash flow | 466.04 | 103.64 | 337.29 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Investment to Drive Growth in Loan Disbursals under Default Loss Guarantee (DLG) Arrangements ₹325 Cr
The company intends to utilize a portion of the Net Proceeds to increase the aggregate amount of DLGs outstanding, enabling the company to scale its financial services operations and meet future capital needs for providing necessary DLG cover to its lending partners across fiscal years.
2 Investment in Whizdm Finance Private Limited (WFPL) to Augment its Capital Base ₹250 Cr
The company proposes to invest in its wholly-owned material subsidiary WFPL, in the form of equity, to strengthen its Tier I capital, improve capital adequacy, enhance credit profile, and support planned loan portfolio growth in compliance with RBI's capital adequacy norms.
3 General Corporate Purposes —
The remaining balance of the Net Proceeds, not exceeding a specified percentage of Gross Proceeds, is intended to be deployed towards general corporate purposes including administrative expenses, advertising and promotion, service costs, and other ordinary course of business activities.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Moneyview
Moneyview Limited (formerly Whizdm Innovations Private Limited) is a fintech company incorporated in India in 2014 that operates a digital platform enabling access to financial products for users. The company acts as a lending service provider (LSP) for personal loans, partnering with its own NBFC subsidiary Whizdm Finance Private Limited (WFPL) and other regulated entities to originate and service loans. Beyond personal loans, Moneyview has expanded its product offerings to include credit cards, earned wage access (EWA), home loans, loans against property, insurance products, digital gold, and UPI payment services through partnerships with multiple financial partners. The platform uses proprietary AI/ML models trained on over 100,000 data variables for user segmentation and credit assessment. As of June 30, 2026, Moneyview had 140.28 million Registered Users and 11.90 million Monetized Users, having grown from 83.27 million Registered Users as of March 31, 2024. Revenue from operations grew 74.25% from Fiscal 2024 to Fiscal 2025 and 43.26% to Fiscal 2026.
Management
Puneet Agarwal
MD
Puneet Agarwal
CEO
Saurav Goyal
CFO
Sanjay Aggarwal
CTO
S V Prasanth Naidu
VP of Marketing
Subrata Mitra
Director
Sameer Kumar Baisiwala
Director
Alpana Parida
Director
Anil Berera
Director
Rahul Patidar
Director of Operations
Sushma Abburi
Director
Ankit Kumar Jain
Director of HR
Strengths
As stated in the offer document
Large, Growing and Sticky User Base with a Flywheel Effect for Growth
The company's Registered Users grew at a CAGR of 26.92% from 83.27 million in Fiscal 2024 to 134.14 million in Fiscal 2026, reaching 140.28 million as of June 30, 2026, with Monetized Users as a percentage of Registered Users increasing from 5.55% to 8.48% over the same period.
Data-Driven Approach for User Segmentation and Risk Assessment
The company's in-house AI/ML models, trained on over 100,000 data variables, enable granular user segmentation beyond traditional credit bureau scores, contributing to a reduction in annualised losses from 7.93% in Fiscal 2024 to 6.95% in Fiscal 2026, outperforming the industry average which rose from 7.80% to 8.29% over the same period.
Technological and AI Capabilities Enabling Scalable and Efficient Growth
The company's technology-led model, with more than 50% of employees in technology and data roles, has driven Operating Expenses as a percentage of total income down from 56.42% in Fiscal 2024 to 34.14% in the three-month period ended June 30, 2026, processing over 200,000 loan applications daily with loan offers generated within 5 seconds.
Capital-Light Model with a Diversified Network of Capital Partners
The company operates a capital-efficient LSP model with 48 Financial Partners and 22 regulated lending entities, managing ₹225,201.65 million in outstanding loans as of June 30, 2026, achieving an annualized Return on Equity of 29.93% for the three-month period ended June 30, 2026.
Experienced Management Team with a Track Record of Building and Managing Successful Businesses
The company's Key Managerial Personnel and Senior Management Personnel have been with the company for an average of 7 years, leading a workforce of 798 permanent employees as of June 30, 2026, with more than 50% engaged in technology and data roles.
Proven Business Model with Sustained Growth and Improving Profitability
The company's total income grew by 43.13% to ₹34,042.74 million in Fiscal 2026 from ₹23,785.29 million in Fiscal 2025, with restated profit before exceptional items and tax increasing by 67.29% to ₹5,340.07 million, supported by Loan Disbursals growth of 31.08% from Fiscal 2025 to Fiscal 2026.
Risk factors
As stated in the offer document
Borrower Defaults and Rising Impairment Expense
The company faces increasing impairment of financial instruments, rising from 2.46% of Average Managed AUM in Fiscal 2024 to 5.16% in Fiscal 2026, driven by growth in balance-sheet loans and DLG arrangements. Default loss guarantee outstanding reached ₹10,607.80 million as at June 30, 2026, representing 43.92% of net worth, posing significant financial risk.
Dependence on Financial Partners for Revenue
The company derives 56.68%–75.64% of total revenue from operations through fees and commissions from Financial Partners, with the top ten partners contributing 37.36%–56.78% of revenue across recent periods. Non-exclusive arrangements mean partners may terminate relationships or shift to competitors, materially impacting revenue and operations.
Stringent and Evolving Regulatory Framework
The company operates under a complex regulatory environment governed by the RBI, IRDAI, NPCI, and SEBI, with WFPL subject to periodic RBI inspections and past observations on KYC gaps, vendor oversight, and compliance deficiencies. Any future non-compliance, regulatory changes, or penalties could restrict operations, increase compliance costs, and adversely affect business performance.
Cybersecurity Breaches and Data Privacy Risks
The company experienced a cyber incident between August 5–7, 2025, in which unauthorized transactions aggregating ₹483.20 million were debited from WFPL's bank account, resulting in a net exceptional loss of ₹349.11 million in Fiscal 2026. The company is also exposed to evolving data privacy regulations, including the DPDPA with penalties of up to ₹2,500 million, and risks from third-party API integrations.
Negative Cash Flows from Operating Activities
The company incurred negative cash flows from operating activities of ₹9,509.02 million, ₹14,207.05 million, and ₹16,327.36 million in Fiscals 2026, 2025, and 2024, respectively, primarily due to loan disbursals classified under operating activities. There is no assurance that the company will generate sufficient cash to service borrowings or fund liquidity needs in the future.
Capital Adequacy and Liquidity Risk at WFPL
WFPL, the company's material NBFC subsidiary, must maintain a minimum CRAR of 15% (Tier I of at least 10%) and comply with the RBI's Liquidity Coverage Ratio requirements after crossing the ₹50,000 million asset threshold in Q2 FY2026. Any failure to maintain these ratios could trigger supervisory actions, restrict business activities, and adversely affect the company's consolidated financial position.
Intense Market Competition
The company faces competition from digital-first lending platforms, listed digital financial services companies, and NBFCs, with competitors potentially offering more attractive products, better pricing, or holding regulatory licenses the company does not possess. Non-exclusive Financial Partner arrangements mean partners may switch to competitors, reducing market share and adversely impacting revenue.
Reliance on Substantial Capital and Indebtedness
As of June 30, 2026, the company had total borrowings of ₹54,847.58 million with a debt-to-equity ratio of 2.27x, and its top five lenders accounted for 29.39% of total borrowings. Any credit rating downgrade, tightening of capital markets, or breach of restrictive covenants could impair access to capital, increase borrowing costs, and trigger cross-defaults.
Technology Platform Dependency and System Failure Risk
The company relies on a single cloud service provider for its core applications, including its loan management system and risk assessment engine, creating concentration risk in the event of a prolonged outage. System failures, cyberattacks, or inability to keep pace with technological developments could disrupt loan facilitation, damage reputation, and adversely impact financial performance.
Key Personnel Retention and One-Time Incentive Impact
The company approved a one-time performance-based incentive of ₹1,600.00 million to its Managing Director and CEO in March 2026, reducing restated profit for Fiscal 2026 by ₹1,197.28 million (net of tax), representing 30.13% of pre-exceptional profit. Loss of key managerial personnel or inability to attract talent could severely impact business continuity and growth execution.
Company Analysis
from RHPMoneyview is a digital financial services platform that facilitates unsecured personal loans and offers a suite of financial products including credit cards, earned wage access, home loans, insurance, and digital gold through partnerships with banks, NBFCs, and other financial institutions.
Moneyview Limited (formerly Whizdm Innovations Private Limited) is a fintech company incorporated in India in 2014 that operates a digital platform enabling access to financial products for users. The company acts as a lending service provider (LSP) for personal loans, partnering with its own NBFC subsidiary Whizdm Finance Private Limited (WFPL) and other regulated entities to originate and service loans. Beyond personal loans, Moneyview has expanded its product offerings to include credit cards, earned wage access (EWA), home loans, loans against property, insurance products, digital gold, and UPI payment services through partnerships with multiple financial partners. The platform uses proprietary AI/ML models trained on over 100,000 data variables for user segmentation and credit assessment. As of June 30, 2026, Moneyview had 140.28 million Registered Users and 11.90 million Monetized Users, having grown from 83.27 million Registered Users as of March 31, 2024. Revenue from operations grew 74.25% from Fiscal 2024 to Fiscal 2025 and 43.26% to Fiscal 2026.
Objects of the Issue
- Investment to drive growth in loan disbursals under default loss guarantee (DLG) arrangements p.73
- Investment in WFPL, our Material Subsidiary, for the purpose of augmenting its capital base p.73
- General corporate purposes p.73
- Investment to drive growth in loan disbursals under default loss guarantee (DLG) arrangements ₹3,250.00 million p.140
- Investment in Whizdm Finance Private Limited (Material Subsidiary) for augmenting its capital base ₹2,500.00 million p.140
- General corporate purposes [●] p.140
- Fresh Issue ₹7,500.00 million p.473
Issue Structure
- Total Issue
- ₹ [●] million
- Fresh Issue
- ₹ 7,500 million (aggregate of [●] Equity Shares of face value of ₹1 each)
- Offer for Sale
- ₹ [●] million (aggregate of up to 100,494,200 Equity Shares of face value of ₹1 each)
- Price Band
- [●] per Equity Share
- Lot Size
- [●] Equity Shares
- Face Value
- ₹ 1 each
Business Model
Moneyview operates a multi-revenue stream fintech platform. The primary revenue source is personal loan facilitation through an LSP model, earning net loan revenue and servicing fees. The company also generates revenue through distribution partnerships with financial partners offering credit cards, insurance, digital gold, and other products. In Fiscal 2026, the top ten Financial Partners contributed 37.36% of total revenue from operations. The company uses a technology-driven platform with AI/ML capabilities for user assessment, risk management, and collections, operating on a digital-first, asset-light model by partnering with regulated entities rather than holding all lending assets on its balance sheet directly.
Business Segments
SWOT Analysis
- • Rapid user and monetized user growth(p.31)
- • Strong revenue growth trajectory(p.34)
- • Diversified Financial Partner network with long-term relationships(p.32)
- • Strong brand satisfaction reflected in app ratings(p.40)
- • Advanced AI/ML-driven technology for user assessment(p.41)
- • Experienced management and stable senior team(p.33)
- • Largest full-stack digital lending platform by AUM among digital peers(p.204)
- • Significant market share in digital personal loans(p.205)
- • Superior asset quality despite industry headwinds(p.207)
- • Highest total income CAGR among digital lending peers(p.206)
- • Highest PBT among digital lending platform peers(p.208)
- • Large registered user base with strong engagement(p.213)
- • Pan-India reach with zero physical branches(p.213)
- • Strong technology and data capabilities(p.213)
- • Large and rapidly growing user base with proven monetization capability(p.223)
- • High user stickiness and repeat engagement driving disproportionate monetization growth(p.234)
- • Superior credit quality versus industry through advanced AI/ML risk models(p.228)
- • Fully in-house built technology platform enabling differentiated product architecture and rapid innovation(p.230)
- • Capital-light LSP model with diversified partner network enabling scalable growth without incremental capital(p.220)
- • Significant operating leverage achieved through tech-driven efficiency improvements(p.230)
- • Deep geographic penetration in underserved Tier 2+ cities representing 79.54% of user base(p.218)
- • Consistent rapid revenue and profit growth demonstrating business model scalability(p.233)
- • Diversified product portfolio across financial services(p.278)
- • Technology-driven personal finance management capabilities(p.278)
- • Platform ecosystem enabling multi-product distribution(p.278)
- • Strong financial performance and profitability(p.322)
- • Diversified financial partner network reduces concentration risk(p.391)
- • Significant scale with 140.28 million registered users and broad geographic reach(p.386)
- • Advanced AI/ML capabilities for credit assessment and user segmentation(p.389)
- • Improved credit ratings and strengthened funding profile(p.391)
- • Significant asset and user growth demonstrating business momentum(p.403)
- • Improved operational efficiency with declining cost-to-income ratio(p.394)
- • High concentration dependence on top 10 Financial Partners(p.32)
- • Rising impairment expenses and Stage 3 loans(p.36)
- • Negative operating cash flows despite positive net cash movements(p.43)
- • One-time performance incentive materially reduced profitability(p.33)
- • High default loss guarantee contingent liability relative to net worth(p.37)
- • Low monetization of user base relative to registered users(p.31)
- • Regulatory violation risk from NCD downsale exceeding holder limits(p.45)
- • Material Subsidiary WFPL subject to capital adequacy ratio requirements(p.45)
- • Previous cyber incident causing significant losses(p.46)
- • One-time CEO performance incentive materially impacted Fiscal 2026 profitability(p.47)
- • Heavy reliance on fees and commission income subject to rate fluctuations(p.48)
- • Statutory audit modifications relating to system configurations and backup processes(p.55)
- • Previous delays in paying statutory dues(p.73)
- • High debt-to-equity ratio limiting financial flexibility(p.54)
- • Pending SEBI settlement application for NCD non-compliance(p.45)
- • Director litigation relating to FEMA violations(p.63)
- • Dependence on external financial partners for funding(p.213)
- • Subsidiary WFPL carries full credit risk on on-balance sheet loans(p.219)
- • High reliance on relatively small base of monetized users (8.48% of registered users)(p.223)
- • Concentration risk through default loss guarantee capped at 5% of portfolio(p.219)
- • Subsidiary WFPL has elevated leverage ratio of 3.35x as of June 30, 2026(p.248)
- • Rising Stage 3 loans at WFPL despite overall platform improvement(p.248)
- • Recent acquisition (Zeo) operating at a loss(p.282)
- • Zeo subsidiary continued losses post-acquisition(p.290)
- • Significant impairment losses on loan portfolio(p.322)
- • Audit findings on accounting software audit trail controls(p.318)
- • High impairment expense as percentage of AUM reflects portfolio credit stress(p.399)
- • Significant exposure to cyber incident losses at material subsidiary(p.399)
- • High leverage with debt-to-equity ratio of 2.27x as of June 30, 2026(p.407)
- • Rising finance costs impacting profitability(p.398)
- • Gross stage 3 loans ratio at 2.72% indicates rising delinquencies(p.389)
- • Significant dependence on material subsidiary WFPL for regulatory compliance(p.437)
- • Exposure to interest rate risk on floating-rate borrowings(p.415)
- • Material cyber security incident affecting subsidiary WFPL(p.434)
- • High leverage with total borrowings at 2.27x equity(p.429)
- • Regulatory settlement application pending for WFPL debenture compliance(p.437)
- • Expansion of Financial Partner network beyond personal loans(p.32)
- • Improved cost efficiency in user acquisition(p.35)
- • Growing loan disbursal volumes with operational leverage(p.34)
- • Portfolio loan growth through Material Subsidiary WFPL(p.38)
- • Improving credit quality metrics on growing portfolio(p.38)
- • Expansion of loan portfolio and Portfolio Loans business(p.48)
- • India's digital credit market structural shift and growth(p.50)
- • Pan-India presence with loan disbursals across 99.04% of pin codes(p.65)
- • Technology-led acquisition and underwriting capabilities(p.50)
- • Growing diversification into multiple product offerings(p.50)
- • Investment from DLG arrangements to drive loan growth(p.73)
- • Expansion of digital personal loans market at 26-27% CAGR(p.188)
- • Massive addressable market expansion: credit-served population to reach 675-725 million by FY2031P(p.202)
- • Growth in Middle India segment with 65-70% of net additions from Tier 2+ cities(p.180)
- • Cross-sell opportunities through full-stack platform model(p.199)
- • Strong momentum in unsecured lending growth at 17-19% CAGR(p.174)
- • Expansion into adjacent products including credit cards and insurance(p.214)
- • Vast addressable market expansion as smartphone users projected to grow from 723-737 million to 920-980 million by FY2031(p.233)
- • Multi-product cross-sell potential with early traction in new products launched in FY25(p.235)
- • Personal loan market expansion to ₹33-36 trillion by FY2031 with platform capturing ~10.5% of digital sanctions in FY26(p.234)
- • Expansion of secured lending (home loans/LAP) through partnership model with pan-India coverage opportunity(p.241)
- • RBI's regulatory framework supporting platform-based lending models and co-lending arrangements(p.235)
- • Leveraging Jify acquisition to unlock corporate partnerships and employee populations for EWA and financial products(p.240)
- • Improved credit ratings enabling access to lower-cost funding sources and margin expansion(p.238)
- • Expansion of earned wage access offering(p.282)
- • Growth in digital lending market through partnerships(p.278)
- • Cross-sell opportunities across expanded financial product suite(p.282)
- • Multiple awards and recognition as fintech player(p.284)
- • Expansion into new product offerings beyond personal loans(p.387)
- • Deepening financial partner ecosystem for product and market expansion(p.391)
- • Strong growth trajectory in monetized users from tier 2+ cities(p.386)
- • Further leverage technology for operational efficiency(p.389)
- • Increasing adoption of digital lending in India(p.389)
- • Digital lending platform facilitating multiple financial partners(p.418)
- • Expansion through corporate agent registration for insurance services(p.439)
- • UPI-enabled payment platform authorization from NPCI(p.439)
- • Stringent regulatory framework with compliance complexities(p.42)
- • Risk of Financial Partner disruption or termination(p.33)
- • Borrower default risk and Gross Stage 3 Loans escalation(p.39)
- • Rising impairment expense burden from DLG arrangements(p.36)
- • Data privacy and cybersecurity regulatory risks(p.42)
- • RBI inspection findings and compliance observations on Material Subsidiary(p.43)
- • Limited operating history and sustainability risk for new products(p.34)
- • Intense competition from digital lenders, NBFCs and listed platforms(p.50)
- • Regulatory changes affecting digital lending operations(p.66)
- • Economic downturn or credit crisis affecting loan demand(p.57)
- • Dependency on UPI and NACH payment infrastructure(p.50)
- • Regional concentration with 36.87% of Managed AUM in south regions(p.65)
- • Third-party vendor concentration risk affecting operations(p.69)
- • Interest rate volatility affecting cost of funds and margins(p.64)
- • Cybersecurity threats and data breach risks(p.46)
- • Reliance on single cloud service provider for critical systems(p.49)
- • Dependence on Financial Partners for product facilitation(p.51)
- • Regulatory restrictions on FDI and foreign capital raise(p.81)
- • Labour cost increases from new Labour Codes implementation(p.81)
- • SEBI caution on digital gold products affecting product offering(p.78)
- • Regulatory uncertainty and structural shifts in lending norms(p.210)
- • Rising industry delinquencies and credit quality deterioration(p.210)
- • Stricter risk weights on unsecured personal loans increasing capital requirements(p.210)
- • Capital access and liquidity constraints for fintech NBFCs(p.210)
- • Intense competition with high customer acquisition costs(p.210)
- • Data privacy and cybersecurity risks(p.210)
- • Macroeconomic headwinds impacting borrower affordability and portfolio performance(p.228)
- • Regulatory constraint on UPI transaction volumes with 30% cap per TPAP extended until December 2026(p.272)
- • Competition from full-stack digital lending platforms and listed NBFCs with comparable products(p.251)
- • Dependence on data quality and predictive accuracy of AI/ML models in evolving credit environment(p.249)
- • Concentration risk through reliance on regulated entity partners for loan origination and funding(p.219)
- • New labour codes creating employer liability for contractor benefits(p.276)
- • Expanded wage definition increasing mandatory benefit costs(p.276)
- • Potential restrictions on dividend payments(p.313)
- • Dependence on financial partner ecosystem(p.329)
- • Regulatory changes affecting NBFC operations and capital adequacy(p.389)
- • Economic slowdown and increased borrower defaults(p.389)
- • Dependence on financial partners for lending operations(p.391)
- • Rising interest rates increasing borrowing costs(p.375)
- • Increased competition from established financial players(p.402)
- • Regulatory action risk from RBI and SEBI on compliance matters(p.437)
- • Restrictive covenants in borrowing arrangements limiting operational flexibility(p.430)
- • Events of default risk related to material adverse effect and cross-default(p.431)
- • Director litigation exposure related to foreign exchange compliance(p.435)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Puneet Agarwal | Promoter/Promoter Selling Shareholder | — | — |
| Sanjay Aggarwal | Promoter/Promoter Selling Shareholder | — | — |
| Sushma Abburi | Promoter | — | — |
| Not explicitly named in this part | Promoter/Promoter Group | — | [●]% (less than 20% post-Offer) |
| Puneet Agarwal | Promoter | 8.66% | [●] |
| Sanjay Aggarwal | Promoter | 10.33% | [●] |
| Sushma Abburi | Promoter | 0.56% | [●] |
| Puneet Agarwal | Promoter | — | — |
| Sanjay Aggarwal | Promoter | — | — |
| Puneet Agarwal | Promoter | — | — |
| Sanjay Aggarwal | Promoter | — | — |
| Sushma Abburi | Promoter | — | — |
| Puneet Agarwal | Promoter | 34.87% | — |
| Sanjay Aggarwal | Promoter | 41.61% | — |
| Agarwal Family Trust | Promoter Group | 12.30% | — |
| Puneet Agarwal | Promoter | — | — |
| Sanjay Aggarwal | Promoter | — | — |
| Chitra Agarwal | Promoter | — | — |
| Internet Fund III Pte. Ltd. | Promoter Group | — | — |
| Accel India IV (Mauritius) Limited | Promoter Group | — | — |
| Accel Growth IV Holdings (Mauritius) Ltd. | Promoter Group | — | — |
| Ribbit Capital | Promoter Group | — | — |
| Puneet Agarwal | Promoter Selling Shareholder | — | — |
| Sanjay Aggarwal | Promoter Selling Shareholder | — | — |
| Chitra Agarwal | Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Moneyview Ltd. THIS ISSUE | 1.60 | 14.57 | 8.61, computed at the offer price | 2.62, computed at the offer price | 17.85% |
Onemi Technology Solutions Ltd. | 46.80 | 113.05 | 16.62 | 3.14 | 20.96% |
| 14.58 | 158.03 | 120.33 | 11.01 | 9.17% | |
One97 Communications Limited | 8.66 | 250.39 | 213.45 | 7.30 | 4.61% |
| 30.60 | 183.21 | 33.66 | 5.61 | 17.19% | |
| 22.77 | 166.00 | 27.98 | 3.84 | 13.72% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.