A Bengaluru-based fintech lending platform opens its Rs 1,092 crore mainboard issue on September 24
Moneyview Ltd operates a consumer-focused, digital-only, credit-led financial-services platform catering to “Middle India” customers — a play on the rapid formalisation of retail lending and financial services in India.
It acts as a lending service provider (LSP), facilitating personal-loan origination and end-to-end servicing — onboarding, credit evaluation, collections and customer support — through the Moneyview mobile app.
The model is a capital-light, multi-partner marketplace with an in-house lending arm. Moneyview partners with multiple regulated entities — including its own NBFC subsidiary, Whizdm Finance (WFPL), which underwrites and disburses loans directly to borrowers — connecting users seeking financial products with banks, NBFCs and insurers.
Revenue is primarily fee and commission income paid by financial partners, plus interest income from its own loan portfolio — a mix of asset-light platform economics and captive lending.
The product suite is broad and distribution-led. Beyond personal loans, Moneyview offers credit cards, earned wage access, home loans, loans against property, insurance and digital gold — a multi-product approach designed to deepen user lifetime value. It runs a technology-driven, AI/ML-based credit-evaluation and user-segmentation engine to serve its retail borrower base across India.
Moneyview has 140 million-plus (134M+ per one disclosure) registered users, a network of 48 financial partners, and ~Rs 225 billion of managed AUM, growing users at ~27% CAGR. Its strengths include a wide digital product range, a strong partner network, AI/ML-driven credit assessment, a large user base, and the in-house NBFC for direct origination. The promoters are the founding promoter group (Whizdm/Moneyview founders).
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 24, 2026 |
| Issue Closes | September 28, 2026 |
| Listing | BSE, NSE (Mainboard) |
| Listing Date | October 1, 2026 |
| Price Band | Rs 32 – Rs 34 per share |
| Face Value | Rs 1 |
| Issue Size | Rs 1,092 crore (~32,10,82,435 shares) |
| Fresh Issue | Rs 750 crore |
| Offer for Sale | Rs 342 crore |
| Lot Size | 441 shares |
| Min. Retail Investment | Rs 14,994 |
| Market Cap (Pre-IPO) | Rs 5,984.79 crore |
| QIB / Retail / NII | 50% / 35% / 15% |
| Lead Managers | Axis Capital, BofA Securities, IIFL Capital, Kotak Mahindra Capital |
| Registrar | MUFG Intime India Pvt. Ltd. |
The issue is majority fresh (Rs 750 crore) with a Rs 342 crore OFS. From the net fresh proceeds, Moneyview will utilise funds for investment to drive growth in loan disbursals under default-loss-guarantee (DLG) arrangements, investment in material subsidiary WFPL to augment its capital base, and general corporate purposes.
Price Band
At the upper band of Rs 34, on FY26 earnings the issue is valued at a pre-IPO P/E of about 21.52x (RoNW 17.85%). Per the Swastika peer table, Moneyview’s ~21.5x sits at a significant discount to the 82x industry composite. (Note: reported FY26 PAT is depressed by one-time items — see financials — so a P/E on core, pre-exceptional earnings would be materially lower.) At 20–22x P/E, the valuation is relatively attractive versus the fintech-lending peer set.
GMP Watch
The Moneyview IPO GMP ranged from around ₹5 to a high of ₹14, and stood at about ₹7–14 in the run-up to opening — implying a listing gain of roughly 15–29% over the Rs 34 upper band at the high (an indicative listing near ₹39–44), easing on softer readings.
As always, GMP is unofficial, unregulated and unendorsed, and can move before listing.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 1,342.37 | 2,339.14 | 3,351.15 |
| EBITDA Margin (%) | 24.49 | 29.84 | 28.91 |
| Net Profit | 171.15 | 240.28 | 242.71 |
| Net Worth | 1,606.64 | 1,918.66 | 2,225.42 |
The financials show strong top-line growth with a nuanced profit picture. Revenue from operations more than doubled from Rs 1,342.37 crore in FY24 to Rs 3,351.15 crore in FY26 (~27–43% growth), reflecting rapid scaling of the lending platform, with EBITDA margin healthy in the high-20s%. Net profit, however, looks muted at Rs 242.71 crore in FY26 (up just ~1% from Rs 240.28 crore in FY25).
The RoE of 19.18% and RoNW of 17.85% are healthy. The company reported an EPS of Rs 1.60. The debt-light, fee-plus-interest model and strong net-worth growth (to Rs 2,225 crore) underpin the quality case.
Peer Comparison
| Company | EPS (Rs) | P/E | RoNW (%) | Revenue (Rs cr) |
|---|---|---|---|---|
| Moneyview | 1.60 | 21.52 | 17.85 | 3,351.15 |
| OnEMI Technology (KreditBee) | 46.80 | 16.62 | 20.96 | 2,179.24 |
| PB Fintech (Policybazaar) | 14.58 | 120.33 | 9.17 | 6,794.02 |
| One97 Communications (Paytm) | 8.66 | 213.45 | 4.61 | 8,437.00 |
| Bajaj Finance | 30.60 | 33.66 | 17.19 | 81,982.38 |
| SBI Cards | 22.77 | 27.98 | 13.72 | 19,899.63 |
Against the listed fintech/lending peer set, Moneyview’s ~21.5x P/E sits at the lower end — well below PB Fintech (120x), One97/Paytm (213x), Bajaj Finance (34x) and SBI Cards (28x) — while its 17.85% RoNW is among the healthier in the group. That combination of a discounted multiple and strong returns is the crux of the “relatively attractive valuation” case, though these peers differ in model and scale.
According to a note by Swastika Investmart Ltd, which assigns a Subscribe, Moneyview is a “large fintech LSP platform (140mn+ registered users, ₹225bn managed AUM), growing users at ~27% CAGR with a capital-light, fee-based model. At 20–22x P/E, the stock trades at a significant discount to the 82x industry composite, making the valuation relatively attractive. Reported FY26 PAT looks muted only due to one-time items… core PAT before exceptionals grew 65% YoY — worth flagging as a one-time distortion, not a trend. Gross Stage 3 loans increased to 2.72% from 0.94% in FY24, making asset quality the key concern, especially as the entire loan book is unsecured… Long-term investors can consider, supported by reasonable valuation and strong growth prospects.”
Risks to Consider
Gross Stage 3 (bad) loans increased to 2.72% from 0.94% in FY24 — a notable deterioration — and this is especially significant because the entire loan book is unsecured, so rising defaults directly hit credit-loss expenses and profitability.
Revenue depends heavily on the top ten financial partners — so the loss of, or adverse change with, a key partner could materially affect fee/commission income.
The business is subject to strict RBI and IRDAI regulatory frameworks, depends on RBI-regulated lending partners, and carries default-loss-guarantee (DLG) commitments — so regulatory changes (e.g. on digital lending, DLG or FLDG) could reshape the economics.
As a lending platform, Moneyview is exposed to borrower defaults and credit-loss expenses across the credit cycle, amplified by the unsecured book.
