MobiKwik’s Uphill Climb Gets Even Steeper

India’s fintech sector has never been more vibrant, or more competitive. While front-runners like Paytm, PhonePe, Razorpay, and now even Jio Financial Services with its Blackbuck JV are consolidating power through massive user bases, deep distribution, and diversified product stacks, companies like MobiKwik find themselves in a difficult and sticky position.

In the first quarter of FY26, MobiKwik posted revenue of INR 281.6 Cr, down 18.6% YoY but up 3.7% from the previous quarter. Losses widened to INR 41.9 Cr from INR 6.6 Cr a year earlier….