MobiKwik has entered the securities broking business by establishing its wholly-owned subsidiary, MobiKwik Securities Broking. The move is to diversify MobiKwik’s financial services business beyond its existing digital payments and lending businesses. This will make MobiKwik a competitor to industry leaders like Zerodha, Groww and AngelOne.
MobiKwik Securities Broking has been incorporated with a paid-up share capital of Rs 1 lakh. The holding company will invest another Rs 2 crore in MobiKwik Securities Broking in one or multiple tranches to fund its business growth. This investment underscores MobiKwik’s commitment to make a significant impact in the competitive stock-broking landscape.
While venturing into newer verticals such as stock broking and derivative trading, MobiKwik wishes to evolve into a wide-ranging financial services platform.
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