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MobiKwik transfers digital lending business to subsidiary MDSPL after regulator approval
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Business Standard
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MobiKwik transfers digital lending business to subsidiary MDSPL after regulator approval

Fintech company MobiKwik has fully transferred its digital lending operations to its subsidiary, MobiKwik Distribution Services. This occurred nearly four months after the structure received regulatory approval to obtain a Non-Banking Financial Company (NBFC) license.

For the credit division leadership at MDSPL, Manish Patani has been appointed as Chief Business Officer (CBO). This decision followed an injection of equity capital into the subsidiary amounting to INR 60.5 crore from the parent company, One MobiKwik Systems.

The company stated in a release that the Reserve Bank of India (RBI) had previously approved the Group's application for NBFC status in April 2026, contingent upon migrating the Loan Service Provider (LSP) business to a wholly-owned subsidiary before the issuance of the Certificate of Registration (CoR).

MobiKwik expects quarterly payouts to exceed INR 1000 crore, supported by AI-driven growth initiatives and new partnerships with lenders.

Bipinpreet Singh, Co-founder, Managing Director, and CEO of MobiKwik, noted that 'we have built a strong lending franchise through collaborations with banks and NBFCs while developing capabilities across the entire lending value chain. Consolidating the business and team under MDSPL, led by Manish, gives us a specialized structure to drive this business forward.'

Furthermore, MobiKwik specified that in the first quarter of the fiscal year 2026-27 (Q1FY27), 32 percent of its payouts were conducted through the distribution model, with the remainder via the First Loss Default Guarantee (FLDG) model.

The firm added that establishing MDSPL as a dedicated digital lending subsidiary provides a focused operational structure for this vertical, as the Group advances its broader financial services strategy.

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L&T transfers data center and cloud services business to Vyoma.AI for 140 billion rupees
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business-standard.com

L&T transfers data center and cloud services business to Vyoma.AI for 140 billion rupees

Infrastructure giant Larsen & Toubro (L&T) announced on Tuesday the signing of an agreement to transfer its data center and cloud services business, which is wholly owned by its subsidiary Vyoma.AI Ltd, for a sum of 140 billion rupees.

The company reported in a filing with the BSE that the transfer will be carried out on a going concern basis through a slump sale of assets. The consideration, which is subject to adjustments upon closing the deal, will be paid through the issuance of fully paid equity shares of Vyoma.AI.

The document stated: 'The estimated consideration is 140 billion rupees, subject to closing adjustments. The consideration for the... transfer will be paid to Vyoma through the issuance and allotment of fully paid equity shares of the company, each having a nominal value of 100 rupees, based on the valuation determined by an independent valuer.'

Furthermore, as part of a separate transaction, L&T, Vyoma.AI, and L&T Network Services Pvt Ltd (LTNSPL) signed a share purchase agreement for Vyoma.AI to acquire all of L&T's stake in LTNSPL for 30 billion rupees, subject to possible adjustments.

According to the filing, the expected completion date for the sale of LTNSPL is set for October 31, 2026. The consideration for this transaction will also be paid through the issuance of fully paid Vyoma.AI shares.

After the completion of both deals, LTNSPL will become a direct wholly-owned subsidiary of Vyoma.AI, as well as an indirect wholly-owned subsidiary of L&T.

As of March 31, 2026, LTNSPL reported a turnover of 1.86 billion rupees and net worth of 18.31 billion rupees. Its turnover accounted for 0.001 percent of L&T's consolidated turnover, and its net worth accounted for 0.025 percent.

Vyoma.AI is a recently established public company created to build data centers for the purpose of providing infrastructure and technology services. Larsen & Toubro is an Indian multinational conglomerate with an annual turnover of $32 billion, engaged in projects in design, procurement, and construction (EPC), high-tech manufacturing, products, and services, operating in various sectors and across multiple geographical markets.

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