MobiKwik is no longer just the app you use to pay your electricity bills. In a massive update that has caught the eye of Dalal Street, the fintech major’s subsidiary, MobiKwik Securities Broking, has officially received the green light from the Bombay Stock Exchange (BSE) to start its stock broking business. This news, effective today, February 24, 2026, marks the final regulatory hurdle for the company as it looks to challenge giants like Zerodha and Groww.
If you’re one of the 186 million users on MobiKwik, you might soon see a “Stocks” tab on your app. This approval allows MobiKwik to:
- Buy and sell equities directly for its users.
- Handle clearing and settlement of trades.
According to Upasana Taku, Co-founder and CFO of MobiKwik, this is a “pivotal step” in the company’s journey to becoming a full-scale financial services platform. The company credited this success to lower payment processing charges and a focus on its lending business, proving that it can grow without burning through cash.
The stock is down about 58% since its listing in December 2024 and has hit several “52-week lows” recently.
Many Indian fintech stocks (like Paytm and LIC) saw huge excitement when they first launched, but then prices crashed. MobiKwik followed a similar path. After the initial hype, early investors started selling their shares to book profits, which naturally pushed the price down.
In 2025, several “lock-in” periods ended. These are rules that stop big investors and founders from selling their shares for a certain amount of time. When these periods end, millions of shares hit the market at once. This “oversupply” of shares usually makes the price fall.
Fierce Competition
MobiKwik is fighting a “war” on two fronts. They are up against Google Pay and PhonePe, which have much deeper pockets. Now that they are entering the stock market, they have to steal customers from established players like Zerodha and Groww, which won’t be easy or cheap.
