India, April 23 -- Listed fintech company MobiKwik on Wednesday (April 23) announced the incorporation of a wholly-owned non-banking financial company (NBFC), Mobikwik Financial Services Private Limited (MFSPL). However, the company has yet to apply for an NBFC licence.

In its exchange filing, MobikWik said that the NBFC arm, MFSPL, has been incorporated after bagging all the required approvals from the Ministry of Corporate Affairs and Central Processing Centre. It has allocated an initial paid-up share capital of INR 1 Lakh for the newly set up subsidiary.

As an NBFC, the MobiKwik subsidiary will engage in financing all types of leasing, hiring, and purchases related to business expenses like machinery, plant, equipment, ships, vehicl...