India, March 26 -- Fintech major MobiKwik has become the latest entrant to the country's burgeoning investment tech market. The listed company has set up a wholly owned subsidiary Mobikwik Securities Broking Private Limited (MSBPL) to take on the likes of Zerodha and Groww.

In an exchange filing, the company said that the corporate affairs ministry approved the incorporation of the subsidiary on March 3.

The new entity will operate as a stock broking arm of the Bipin Preet Singh-led company. It will deal in shares, stocks, securities, debt instruments, commodities, currencies and their derivatives.

MSBPL has initial paid-up share capital of INR 1 Lakh. MobiKwik plans to pump in INR 2 Cr in the subsidiary in one or more tranches, the fi...