Moneyview Ltd. IPO

Moneyview

• Moneyview is coming out with a 100% book building; initial public offering (IPO) of 33,48,69,200 shares of face value Rs 1 each in a price band Rs 32-34 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on September 24, 2026 and will close on September 28, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 1 and is priced 32 times of its face value on the lower side and 34 on the higher side.
• Book running lead managers to the issue are Axis Capital, BofA Securities, IIFL Capital Services and Kotak Mahindra Capital Company.
• Compliance officer for the issue is Ankit Kumar Jain. 

Profile of the company

Moneyview is a consumer-focused, digital only, credit-led financial services platform for Middle India customers providing access to full suite of financial products through a network of Financial Partners, including its NBFC subsidiary, on its Moneyview mobile application. The company’s promise to its users is to offer personalized financial products with responsible and transparent terms, delivered via a convenient and user-friendly digital experience.

The company operates as a digital financial services platform to provide a suite of financial products to its users through a network of Financial Partners. The company’s platform functions as a two-sided network, connecting its users seeking financial products with banks, NBFCs, insurers, and other financial institutions offering such products. As of June 30, 2026, it had 140.28 million Registered Users and 48 Financial Partners integrated into its network. The company’s platform is built on real-time application programming interfaces (APIs), data intelligence capabilities, and inhouse technology infrastructure. It maintains deep, real-time technology integrations with its Financial Partners, enabling seamless and scalable digital distribution of financial products across its user base creating a flywheel effect for expansion of its two-sided network.

Since inception, the company has evolved into a full-stack digital financial ecosystem designed to meet the evolving needs of its users. The company’s offerings are structured across four core categories - Borrow, Transact, Invest and Protect, each addressing a distinct set of financial requirements, from access to formal credit and seamless digital payments to investment opportunities and insurance solutions. By combining these offerings with a seamless digital experience, it provides users with a one-stop platform for their financial needs. This integrated approach not only deepens user engagement, but also strengthens its data intelligence, enabling personalized product delivery and enhancing user lifetime value.

Proceed is being used for: 

• Investment to drive growth in loan disbursals under default loss guarantee (DLG) arrangements
• Investment in Whizdm Finance Private Limited (WFPL), its Material Subsidiary, for the purpose of augmenting its capital base
• General corporate purposes

Industry overview

India's household debt penetration has witnessed a significant increase, rising from ~35% of GDP in FY2020 to 41% in FY2025, according to the RBI. This surge underscores a growing demand for credit, which is increasingly being channelled towards consumption and lifestyle aspirations, in addition to traditional needs such as home ownership and asset creation. Despite this growth, substantial headroom for further expansion remains when compared to global peers like the UK (76%), USA (69%), and China (61%) as of CY2024, indicating sizeable long-term growth potential for formal lending.

Historically, credit penetration in India was limited by a combination of factors, including limited access to formal credit, cultural hesitation towards borrowing, especially in rural and semi-urban regions, high savings mindset and a strong preference for self-funded expenditure. However, this landscape has shifted considerably over the past five years with a notable increase in the penetration of formal credit among its adult population. Enabled by expanding digital lending infrastructure, increased availability of credit products, and rising consumer comfort with borrowing, formal credit penetration has increased sharply from 22% in FY2021 to 48% in FY2026, representing 533 million adults, and is further projected to rise to 58-62% by FY2031 (Projected). One of the key drivers of this expansion has been the rising credit demand from middle-income individuals with annual incomes between Rs 0.3-1.1 million. This cohort represents the fastest growing and the largest segments in India’s formal credit landscape.

India’s credit evolution is set to diverge from that of developed markets such as the United States and the United Kingdom, where formal credit access is near-universal, covering 95-97% of U.S. adults and 84% of U.K. adults, largely driven by widespread credit card adoption. In contrast, India’s credit ecosystem remains relatively nascent and structurally different, with growth increasingly led by digital-first, data-driven models. Digital personal loans, BNPL, and embedded finance, enabled by alternative data, are emerging as key entry points into formal credit, reflecting India’s scale, rising incomes, and deep digital penetration. Traditional underwriting approaches, which relied primarily on bureau scores and formal documentation, provided limited visibility into the creditworthiness of these emerging segments. Today, India’s digital infrastructure enables far richer and more real-time signals - cash-flow patterns, transaction histories, UPI behaviour, mobile usage, and behavioural markers - allowing lenders to assess creditworthiness with far greater precision. India is thus leapfrogging to a more diverse and inclusive credit model. This creates a significant opportunity: as formal employment expands and incomes rise, lenders can serve a large, fast-growing pool of first-time but high-quality borrowers. 

Pros and strengths 

Large, growing and sticky user base with a flywheel effect for growth: The company has a large and growing base of Registered Users that provides a firm foundation to support its future growth. The company’s Registered Users increased from 83.27 million as of March 31, 2024 to 109.59 million as of March 31, 2025 and to 134.14 million as of March 31, 2026, representing a CAGR of 26.92%. As of June 30, 2026, its Registered Users was 140.28 million. 

Data-driven approach for user segmentation and risk assessment: By leveraging technology, data, and product innovation, the company offers a suite of personalized financial products that cater to a wide spectrum of users across diverse credit profiles, income levels, demographics, and financial needs. Its data-driven approach enables systematic user segmentation that goes beyond traditional credit bureau scores. It utilises a wide array of data sources to build a comprehensive understanding of each user. This includes information provided by the user, data collected from the user’s device with explicit consent, and data obtained from third-party sources. These include transactional SMS and bank statement data, app usage patterns, repayment and auto-debit history, credit bureau data, and inputs from other sources. 

Technological and AI capabilities enabling scalable and efficient growth: The company’s technology and AI led operating model enables it to offer a fully unassisted, seamless user journey, ensuring accessibility, scalability, and cost efficiency. As of June 30, 2026, more than 50% of its workforce was engaged in technology and data roles, reflecting its sustained investment in building in-house capabilities. These investments have translated into improved operational efficiency, with Operating Expenses as a percentage of total income declining from 56.42% in Fiscal 2024 to 41.43% in Fiscal 2025, to 34.84% in Fiscal 2026 and further to 34.14% in the three-month period ended June 30, 2026.

Capital-light model with a diversified network of capital partners: The company operates a capital-efficient model supported by deep technical integrations with 48 Financial Partners, enabling seamless distribution of its full suite of financial products. For its flagship personal loan offering, it operates as an LSP and, as of June 30, 2026, had partnered with 22 REs, including its NBFC subsidiary WFPL, to facilitate loan origination and end-to-end servicing. These integrations enable seamless operations across the loan journey - including user acquisition, evaluation, onboarding, disbursal, servicing, and collections. As of June 30, 2026, it manages outstanding loans amounting to Rs 225,201.65 million under its personal loan program, with its NBFC subsidiary contributing 25.12% of the total managed AUM.

Risks and concerns

High revenue contribution from top financial partners: The company depends on cooperation with its Financial Partners. In the three-month periods ended June 30, 2026 and 2025, and Fiscals 2026, 2025 and 2024, its top ten Financial Partners contributed to 39.02%, 38.69%, 37.36%, 46.82% and 56.78% of its revenue from operations, respectively. The company’s business may be negatively affected if its Financial Partners do not continue their relationship with it, which could have an adverse impact on its business, financial condition, cash flows, results of operations and prospects.

Limited operating history and growth sustainability: The company has witnessed rapid growth in the past three years and may not be able to sustain its historical growth levels. Further, it has a limited operating history across some of its products and services. It may not be able to sustain its current growth levels in a cost-effective manner, which could adversely affect its business, financial condition, cash flows, results of operations and prospects.

High reliance on fees and commission revenue: In the three month periods ended June 30, 2026 and 2025, and Fiscals 2026, 2025 and 2024, the company derived 60.79%, 56.53%, 56.68%, 63.56% and 75.64%, respectively, of its total revenue from operations from fees and commission income, on the product offerings facilitated through its Financial Partners, and any decrease in the volume of such products or the fees and commission rates it collects on such transactions could have an adverse impact on its business, financial condition, cash flows, results of operations and prospects.

Intense competition in the industry: The company’s business is subject to intense competition, and it may fail to compete successfully against existing or new competitors, which may cause it to lose market share and reduce demand for its products and adversely impact its business, financial condition, cash flows, results of operations and prospects.

Outlook

Moneyview is a fintech company incorporated in India that provides digital financial services through its mobile platform. The company focuses on offering accessible and technology-driven financial solutions to individuals. The company has large, growing and sticky user base with a flywheel effect for growth. The company has technological and AI capabilities enabling scalable and efficient growth. On the concern side, the company is dependent on its Financial Partners, with its top ten partners contributing significantly to its revenue. Any discontinuation or deterioration of these relationships could adversely affect its business, financial condition, cash flows, results of operations and prospects. Moreover, borrower defaults on loans facilitated through its platform may increase its impairment expense and adversely affect its financial performance.

The issue has been offering 33,48,69,200 shares in a price band of Rs 32-34 per equity share. The aggregate size of the offer is around Rs 1,071.58 crore to Rs 1,138.55 crore based on lower and upper price band respectively. Minimum application is to be made for 441 shares and in multiples thereof thereafter. On performance front, the company’s total revenue from operations increased by 43.26% to Rs 33,511.58 million for Fiscal 2026 from Rs 23,391.46 million for Fiscal 2025 due to an increase in fees and commission income, interest income, gain on derecognition of financial assets and other operating income. Moreover, Its restated profit for the year increased by 1.01% to Rs 2,427.05 million in Fiscal 2026 from Rs 2,402.75 million in Fiscal 2025.

Meanwhile, the company’s monetized users are growing faster than overall registration, supported by a focus on improving product personalization to create relevant loan products for a larger segment of its Registered Users. As users convert over a period from the month of acquisition and as a growing number of users find relevant loan products on its platform, it sees higher conversions to Monetized Users, which supports continued growth in personal Loan Disbursals on its platform. Further, it continues to see improvements in repeat engagement on its platform, with repeat AUM increasing from 42.08% in Fiscal 2024 to 60.86% in Fiscal 2026 and to 62.70% in the three month period ended June 30, 2026, reflecting user trust and satisfaction, as evidenced by a 4.8-star rating of its mobile application on a mobile application store as of June 30, 2026. It intends to further focus on enhancing product experience, service quality, and driving user satisfaction, which is expected to support further growth in repeat engagement.