India, Oct. 2 -- About five months after entering the NBFC business, fintech company MobiKwik's board has approved an investment of INR 9.99 Cr in its NBFC subsidiary Mobikwik Financial Services Pvt Ltd (MFSPL). The company will be investing in one or more tranches by October 10.

In a disclosure today (October 1), MobiKwik said the primary objective of the investment is to operate as an NBFC and enter leasing and hire purchase-deals for assets such as machinery, equipment, vehicles, ships, aircraft, factories, and real estate.

MobiKwik set up the NBFC subsidiary on April 23 with an initial paid-up capital of INR 1 Lakh. However, it did not apply for an NBFC licence. The company hasn't explicitly mentioned whether MFSPL is a licensed NBF...