MobiKwik Gets Its Lending Wings, The End Of SEO & More

MobiKwik’s Big Credit Bet Begins

MobiKwik is inching closer to becoming a full-stack fintech player. The listed fintech company has finally secured the NBFC licence from the RBI. The nod will open the doors for MobiKwik to build an in-house lending division and move beyond its payments mainstay.

No Longer A Middleman: Until now, MobiKwik relied on external lenders to offer loans and credit cards. The NBFC licence brings the capability closer to home, giving the company more control over product design, distribution and customer experience. Besides a faster go-to-market strategy, the NBFC edge will also give the fintech major the flexibility to offer both secured and unsecured loans to a broader base of consumers. 

The Margin Play: Beyond lending, the NBFC licence will also enable MobiKwik to capture the interest income directly and prop up its top line. The approval will also enable the company to deepen cross-selling opportunities across its payments ecosystem, thereby diversifying its stack.

Markets Cheer On: Investors took the announcement as a positive signal, with the stock surging 15% during intraday trading yesterday. The stock finally closed the day 11% higher at 224.80 on the BSE. This optimism was also anchored in the company’s improving financials. 

MobiKwik turned profitable in Q3 FY26 with a net profit of ₹4 Cr, a massive swing from the ₹55.3 Cr loss reported in the year-ago period. The top line also grew 7.2% YoY to ₹288.9 Cr.

What Changes Now? With the approval in its kitty, the bigger test ahead for MobiKwik is execution. While an NBFC licence gives the company the mandate to scale credit, it also brings tighter risk management, capital discipline and collections pressure. As the fintech major looks to balance growth with guardrails, here is all about MobiKwik finally bagging the NBFC licence after a year… 

From The Editor’s Desk

The End Of The SEO Era?

• The growing adoption of AI is shifting discovery away from traditional SEO toward GEO or AEO. In this new era, brands are optimising for how AI systems answer questions, not just how Google ranks pages. 
• The rise of AI search is also creating a zero-click internet, where users get synthesised answers without visiting multiple websites, reducing traffic to publishers and SEO-dependent businesses.
• As a result, a new category of startups is emerging around AI search visibility, with companies building tools to track where brands appear, explain why they are cited, and improve performance.

Morphing Machines Bags ₹80 Cr 

• The chipmaker has closed its Series A round at ₹80 Cr. In the latest (second) tranche, the startup raised about ₹42 Cr from Hero Enterprise’s venture arm, Colossa Ventures and Navam Capital. It had bagged ₹38.4 Cr in the first tranche in October 2025. 
• Going forward, the startup plans to accelerate the development and testing of its first production chip, scale pilot deployments, strengthen software tools, and deepen its global footprint. It is also planning a full-scale commercial launch next year. 
• Founded in 2005, Morphing Machines is developing REDEFINE, a reconfigurable core processor designed for data centres and AI infrastructure. The startup has also built its own compiler that converts software applications into hardware execution patterns.

Unicommerce’s Flat Q4 Show

• The ecommerce-focused SaaS company reported a meagre 3% YoY rise in net profit to ₹3.4 Cr in Q4 FY26, despite operating revenue growing 14.2% YoY to ₹51.6 Cr. Adjusted EBITDA for the quarter grew 8% YoY to ₹9.6 Cr.
• For the full year FY26, Unicommerce’s profit grew 16.5% YoY to ₹20.5 Cr, while the top line rose 51.6% YoY to ₹204.3 Cr. In FY26, Unicommerce onboarded more than 450 enterprise clients, including Nayasa, Ajanta Shoes and Himalaya Wellness.
• Founded in 2012, Unicommerce is an ecommerce enablement platform that enables end-to-end management of ecommerce operations for brands, sellers and logistics service providers. The company went public in 2024.

Kissht IPO To Open This Week

• The lending tech startup’s parent OnEMI Technology Solutions has filed its RHP with SEBI for a ₹926 Cr IPO, which will comprise a fresh issue of shares worth up to ₹850 Cr and an OFS worth ₹75.9 Cr.
• Kissht has set a price band of ₹162-171 for the public issue, valuing the company at about ₹2,881 Cr at the upper end of the spectrum. The public issue will open on April 30 and close on May 5. Ahead of the IPO, cofounders bought shares worth ₹40 Cr.
• Founded in 2015, Kissht offers personal and business loans of up to ₹5 Lakh, secured credit, as well as health-related insurance products. Kissht reported a profit of ₹199.3 Cr in 9M FY26 on a top line of ₹1,569.9 Cr. 

Amazon Goes All Out On Q-Comm

• The ecommerce giant plans to expand its quick commerce service ‘Amazon Now’ to 100 cities across India. As part of this, the company plans to scale its micro-fulfilment network to 1,000 from 300 currently.
• The service, which is currently available in Mumbai, Delhi NCR, and Bengaluru, will be steadily rolled out across metros and non-metros, including Pune, Hyderabad and Chennai. 
• The expansion is part of Amazon India’s ₹2,800 Cr investment announced last week. The ecommerce giant then said that the capital would be directed toward strengthening its quick commerce business and shoring up its logistics network.

Inc42 Markets

Inc42 Startup Spotlight

How xLogic Is Building The Factories Of The Future

Manufacturing is still slowed by labour-heavy processes, scattered supply chains and quality issues that come with manual intervention. xLogic Labs wants to replace this model with dark factories, where robots handle a big part of the operations. 

Building Dark Factories: Founded in 2024, xLogic Labs is developing fully automated manufacturing facilities for sheet, tube and plate metal fabrication. Its robots handle cutting, bending, welding, coating and insertion, turning fabrication into a software-orchestrated process rather than a human-led one.

Robotic Manufacturing: The startup’s model is built around manufacturing-as-a-service. Clients upload CAD files online, and then xLogic’s software system allocates tasks to robots. xLogic’s platform also performs real-time automated quality inspection, helping ensure consistency across production runs. 

Eye On Critical Industries: The startup is targeting sectors like aerospace, defence and infrastructure, where automation can improve throughput and reduce dependence on fragmented supplier networks. By building both the robotic systems and the software layer, xLogic is trying to create a vertically integrated factory stack that can scale across industries.

With the global smart manufacturing market projected to cross $658 Bn by 2029, can xLogic Labs make robotic factories reliable and commercially viable?

Infographic Of The Day

Not content with being just a stockbroker, Dhan is building a full-stack investing ecosystem, spanning APIs, content, AI and algo strategies. Here is how the fintech startup is trying to own the entire investor journey…

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