Moneyview, a Bengaluru-based digital financial services platform targeting 'Middle India', has filed its Draft Red Herring Prospectus (DRHP) for an initial public offering. The company operates as a Loan Service Provider (LSP) connecting 140.28 million registered users with 48 financial partners. It reported total income of ₹3,404.27 crore in FY2026 and plans to raise ₹575 crore through a fresh issue.

About the Company

Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Moneyview operates as a two-sided digital marketplace. Its mobile application facilitates products across four verticals: Borrow, Transact, Invest, and Protect. The platform uses proprietary AI/ML models analyzing over 100,000 variables to assess credit risk. As of June 30, 2026, it managed an AUM of ₹22,520.17 crore. Its material subsidiary, Whizdm Finance Private Limited (WFPL), is a registered NBFC that also extends loans directly.

Financial Performance

Moneyview’s total income grew 43.13% year-on-year to ₹3,404.27 crore in FY2026 from ₹2,378.53 crore in FY2025. Restated profit before exceptional items and tax grew 67.29% to ₹534.01 crore in FY2026. Reported PAT for FY2026 was ₹242.71 crore, impacted by a one-time performance incentive of ₹160 crore to the MD & CEO. In Q1 FY2027 (ended June 30, 2026), PAT surged 158.85% to ₹173.80 crore compared to ₹67.15 crore in the same period last year.

Cash flows from operating activities were negative in FY2024, FY2025, and FY2026 due to loan disbursals classified under operations. However, Q1 FY2027 showed positive operating cash flow of ₹117.12 crore.

Why the Company Is Raising Funds

The company intends to use ₹325 crore of the fresh issue proceeds to increase Default Loss Guarantee (DLG) arrangements with lending partners. An additional ₹250 crore will be invested in WFPL to augment its Tier I capital base and comply with RBI capital adequacy norms. The remaining proceeds will be used for general corporate purposes.

Business Strengths

• Large User Base: Registered users grew at a CAGR of 26.92% from FY2024 to FY2026, reaching 140.28 million as of June 2026.
• Data-Driven Risk Assessment: AI/ML models reduced annualised loan losses from 7.93% in FY2024 to 6.95% in FY2026, outperforming the industry average of 8.29%.
• Operating Leverage: Operating expenses as a percentage of total income declined from 56.42% in FY2024 to 34.14% in Q1 FY2027.
• Capital-Light Model: The LSP structure allows scale with 48 financial partners while maintaining an annualised Return on Equity of 29.93% in Q1 FY2027.

Key Risks

• Credit Risk: Impairment of financial instruments rose to 5.16% of Average Managed AUM in FY2026. DLG outstanding reached ₹1,060.78 crore, representing 43.92% of net worth.
• Revenue Concentration: 56.68%–75.64% of revenue comes from fees and commissions from financial partners, with top ten partners contributing up to 56.78%.
• Cybersecurity: A cyber incident in August 2025 resulted in unauthorized transactions of ₹48.32 crore, leading to a net exceptional loss of ₹34.91 crore in FY2026.
• Leverage: Total borrowings stood at ₹5,484.76 crore as of June 2026, with a debt-to-equity ratio of 2.27x.
• Regulatory Compliance: WFPL faces RBI inspections and must maintain minimum Capital to Risk Weighted Assets Ratio (CRAR) of 15%.

Important IPO Dates

• IPO Opening Date: 24-Sep-2026
• IPO Closing Date: 28-Sep-2026
• Allotment Date: 29-Sep-2026
• Listing Date: 01-Oct-2026

Offer Details

The issue is a fresh equity offering. The total identified proceeds are ₹575 crore plus general corporate purposes. Price band, lot size, and offer for sale details are not available in the DRHP.

Bottom Line

Moneyview presents a high-growth digital lending platform with improving profitability and strong user acquisition. However, investors note significant risks including rising credit impairments, high leverage, and concentration in financial partner revenue.