India, Feb. 8 -- Fintech company MobiKwik has received approval from its board to incorporate and invest in one or more wholly-owned subsidiaries as it explores new avenues to expand its business.

"The said investment will be in compliance with Section 179 and all other applicable provisions of the Companies Act and necessary approvals, as required," the company said in an exchange filing.

While the digital wallet provider did not disclose the fine print of its expansion plans, the announcement comes only days after cofounders Upasana Taku and Bipin Preet Singh said MobiKwik is eyeing an entry into new fintech verticals by this year itself.

In a post-earnings call for the December quarter, Taku said MobiKwik's immediate priority is exp...