Moneyview IPO (24 Sep-28 Sep) Analysis

Sep 27

9 min read

Updated: Oct 4

IPO Analysis | Mainboard (BSE and NSE) | Book Built Issue (Fresh Issue and Offer for Sale) | Regulation 6(1)

Based on Red Herring Prospectus dated September 20, 2026 | Digital Personal Loans and Financial Services Platform | Bengaluru, Karnataka

Moneyview Limited is incorporated under CIN U72200KA2014PLC075775, with its registered and corporate office at 17/1, 1st and 2nd Floor, The Address Building, Outer Ring Road, Marathahalli, Kadubeesanahalli, Bangalore 560103, Karnataka.

The website is https://moneyview.in. The promoters are Puneet Agarwal, Sanjay Aggarwal and Sushma Abburi. Ankit Kumar Jain is Company Secretary and Compliance Officer. Puneet Agarwal is also Managing Director and Chief Executive Officer.

The company runs a digital financial services platform whose flagship offering, launched in 2017, is instant, fully digital personal loans of up to Rs.10.00 Lakhs with repayment tenures up to 60 months. It operates as a lending service provider, partnering with 22 regulated entities as of June 30, 2026, including its own wholly owned NBFC subsidiary, Whizdm Finance Private Limited (WFPL), which underwrites and disburses loans directly.

In house AI and machine learning models, trained on over 100,000 data variables, assess borrowers using both traditional and alternative data. Registered Users grew from 8.327 crore as of March 31, 2024 to 13.414 crore as of March 31, 2026, a 26.92% CAGR, and further to 14.028 crore as of June 30, 2026.

The company provides Default Loss Guarantee (DLG) cover to its lending partners under RBI regulations, meaning it compensates partners for a share of loan losses up to 5% of disbursed value. As of June 30, 2026, aggregate DLGs outstanding were 43.92% of net worth. WFPL, the NBFC subsidiary, contributed 25.12% of Managed AUM as of June 30, 2026. The financial year ends March 31.

Key Basics

This is a mainboard book built issue on the BSE and NSE, with NSE as the designated exchange, made under Regulation 6(1) of the SEBI ICDR Regulations, meaning the company meets the standard profitability and net worth track record test. The RHP is dated September 20, 2026. The Price Band and lot size remain undetermined at this stage, though bidding is scheduled to open in a few days.

Field	Value
Document Type	Red Herring Prospectus dated September 20, 2026. Price Band and lot size are [TBD].
Platform	Mainboard, BSE and NSE. Designated Stock Exchange: NSE.
Issue Structure	Fresh Issue of Rs.75,000.00 Lakhs plus an Offer for Sale of up to 10,04,94,200 Equity Shares by 10 selling shareholders.
Face Value	Rs.1 per Equity Share
Pre issue Equity	1,53,96,43,033 Equity Shares, including shares held by the Moneyview Employees Trust; a further 3,71,85,985 shares may be issued on exercise of outstanding vested ESOPs
Selling Shareholders	Promoters Puneet Agarwal and Sanjay Aggarwal (1,35,48,300 shares each), promoter group member Chitra Agarwal, and investors including Accel India IV, Accel Growth IV, Internet Fund III, Ribbit Capital, NLI Strategic Venture Investment, TI JPNIN India Holdco, Crimson Winter and DI Investment LLC
BRLMs	Axis Capital Limited, BofA Securities India Limited, IIFL Capital Services Limited, Kotak Mahindra Capital Company Limited
Registrar	MUFG Intime India Private Limited
Bid Dates	Anchor September 23, 2026. Bidding opens September 24, 2026 and closes September 28, 2026.

What distinguishes this issue is timing: bidding opens within days of this RHP's date, and both promoters are among the selling shareholders, alongside eight financial investors, in an Offer for Sale considerably larger by share count than the Fresh Issue.

How Will the IPO Money Be Used?

This is a Fresh Issue plus an Offer for Sale. The company receives no proceeds from the Offer for Sale; those proceeds go to the 10 selling shareholders, including both promoters.

Object	Amount (Rs. Lakhs)	Details
Investment to drive growth in loan disbursals under Default Loss Guarantee arrangements	32,500.00	To increase aggregate DLGs outstanding by Rs.12,500.00 Lakhs in Fiscal 2027 and Rs.20,000.00 Lakhs in Fiscal 2028, as the company's cash collateral posted to lending partners scales with disbursal growth.
Investment in Whizdm Finance Private Limited (WFPL), the NBFC subsidiary, to augment its capital base	25,000.00	Strengthens WFPL's Tier I capital, which stood at 24.00% as of March 31, 2026, well above the regulatory 10% floor, to support continued loan book growth and improve its borrowing terms.
General corporate purposes	[TBD]	Capped at 25% of Gross Proceeds.
Total Net Proceeds	[TBD]	To be finalised once the Offer Price is set.

The two quantified objects total Rs.57,500.00 Lakhs of the Rs.75,000.00 Lakhs Fresh Issue, about 77%, both funding continued growth of the lending business rather than technology or other diversification. Neither object has been appraised by a bank or financial institution.

Financial Performance

Figures are Rs. Lakhs, converted from the RHP's Rs. Millions. In March 2026, the Board and Shareholders approved a one time performance based incentive of Rs.16,000.00 Lakhs to Managing Director and CEO Puneet Agarwal, who is also a promoter and selling shareholder in this Offer.

This is recorded as an exceptional item and reduced FY2026 restated profit by Rs.11,972.80 Lakhs net of tax, equal to 30.13% of that year's profit before the exceptional item. The company states this was a one time payment with no current plan to repeat it, and that it does not affect the objects of this Offer.

Revenue, EBITDA, and Profitability

Consolidated (Rs. Lakhs)	FY2026	FY2025	FY2024
Revenue from Operations	3,35,115.80	2,33,914.60	1,34,237.00
Total Income	3,40,427.40	2,37,852.90	1,38,924.10
Impairment of Financial Instruments (credit losses)	98,352.80	66,773.00	25,271.70
Profit Before Exceptional Items and Tax	53,400.70	31,921.10	19,830.30
Exceptional Item (CEO incentive)	20,665.30	-	-
Profit After Tax (reported)	24,270.50	24,027.50	17,114.70
Profit After Tax before the exceptional item	39,734.40	24,027.50	17,114.70
EPS, Basic (Rs.)	1.60	1.60	1.20
Return on Net Worth (before exceptional item)	17.85%	12.52%	10.65%

Revenue from Operations grew 43.26% in FY2026 to Rs.3,35,115.80 Lakhs, and profit before exceptional items and tax grew 67.31% to Rs.53,400.70 Lakhs. Reported PAT of Rs.24,270.50 Lakhs looks flat against FY2025's Rs.24,027.50 Lakhs only because of the one time CEO incentive; strip that out and underlying PAT grew 65.35% to Rs.39,734.40 Lakhs.

Impairment of financial instruments, the credit losses on loans facilitated through the platform, nearly tripled from Rs.25,271.70 Lakhs in FY2024 to Rs.98,352.80 Lakhs in FY2026, and it also rose as a share of revenue from operations, from 18.83% in FY2024 to 29.35% in FY2026, even though the RHP's own annualised loss rate metric on loans improved over the same period, from 7.93% to 6.95%, reflecting the faster growth of the loan book rather than worsening individual loan quality.

Operating expenses as a share of total income fell from 56.42% in FY2024 to 34.84% in FY2026, and the NBFC subsidiary WFPL posted its own profit of Rs.15,008.70 Lakhs in FY2026, up from Rs.8,135.90 Lakhs in FY2025, on a loan book that grew 41.66% during the year.

Balance Sheet and Cash Flow

Consolidated (Rs. Lakhs)	FY2026	FY2025	FY2024
Total Assets	8,10,485.40	5,63,242.00	3,51,950.10
Total Equity (Net Worth)	2,22,542.30	1,91,866.40	1,60,664.40
Loans (Current and Non Current, Financial Assets)	5,30,765.50	3,77,038.00	1,96,081.00
Total Borrowings (Current and Non Current)	5,15,703.80	3,41,336.70	1,70,891.80
NAV per Share (Rs.)	14.57	-	-

Total Assets grew from Rs.3,51,950.10 Lakhs in FY2024 to Rs.8,10,485.40 Lakhs in FY2026, driven by growth in loans on the balance sheet, mostly through the WFPL subsidiary. Total Equity grew more slowly, from Rs.1,60,664.40 Lakhs to Rs.2,22,542.30 Lakhs, so the balance sheet has become more leveraged as the loan book scales. NAV per share was Rs.14.57 as of March 31, 2026 and Rs.15.73 as of June 30, 2026.

How Does It Compare to Peers?

The RHP names five listed peers: OnEMI Technology Solutions, PB Fintech, One97 Communications (Paytm), Bajaj Finance and SBI Cards and Payment Services, based on closing prices on BSE as of September 18, 2026. Moneyview's own P/E cannot be shown until the Price Band is set.

Company	EPS (Rs.)	P/E (x)	NAV (Rs.)	RoNW (%)
Moneyview Limited	1.60	[TBD]	14.57	17.85%
OnEMI Technology Solutions	21.39	16.62	113.05	20.96%
PB Fintech Limited	14.46	120.33	158.03	9.17%
One97 Communications (Paytm)	8.55	213.45	250.39	4.61%
Bajaj Finance Limited	30.51	33.66	183.21	17.19%
SBI Cards and Payment Services	22.77	27.98	166.00	13.72%

Moneyview's RoNW of 17.85% is close to the top of this set, just ahead of OnEMI's 20.96% is higher and Bajaj Finance's 17.19% is close behind; both PB Fintech and Paytm sit well below at single digits. The RHP's own quoted industry composite P/E of 82.41 spans a very wide range, from OnEMI's 16.62x to Paytm's 213.45x, so this composite masks very different valuation regimes across lending, insurance distribution and payments businesses grouped together as peers.

Key Risks

• A Rs.16,000.00 Lakhs one time performance incentive to the CEO, who is also a promoter and selling shareholder, was approved in March 2026 and cut FY2026 reported profit by Rs.11,972.80 Lakhs net of tax, 30.13% of pre exceptional profit; investors should judge the business on the underlying, pre exceptional trend rather than the reported PAT line.

• Impairment of financial instruments, the credit losses on the loan book, nearly tripled in absolute terms from Rs.25,271.70 Lakhs in FY2024 to Rs.98,352.80 Lakhs in FY2026, and stood at 29.35% of revenue from operations in the most recent year.

• Aggregate Default Loss Guarantee exposure outstanding equalled 43.92% of net worth as of June 30, 2026, up from 28.40% as of March 31, 2024, meaning the company's own capital increasingly backstops third party lenders' loan losses.

• The top 10 Financial Partners contributed 37.36% of FY2026 revenue from operations, down from 56.78% in FY2024, and the arrangements with these partners are not exclusive; partners may also build their own direct lending capability, competing with the platform they currently use.

• Both selling promoters, Puneet Agarwal and Sanjay Aggarwal, and promoter group member Chitra Agarwal are selling shares in this Offer alongside eight financial investors, and the Offer for Sale share count is larger than the Fresh Issue.

• Total Assets grew more than twice as fast as Total Equity between FY2024 and FY2026, as the loan book scaled substantially through borrowings, increasing the company's leverage and its sensitivity to funding cost and availability.

• Monetized Users were only 8.01% of Registered Users as of March 31, 2026, meaning the large majority of the 13.414 crore registered base has not yet generated revenue, and future growth depends on converting more of this base.

• Industry data used throughout the Risk Factors and Industry Overview sections, including addressable market sizing, comes from the Redseer Report, commissioned and paid for by the company itself for the purposes of this Offer.

• WFPL, the NBFC subsidiary, must maintain a minimum capital adequacy ratio of 15% under RBI Scale Based Regulations; its CRAR was 24.00% as of March 31, 2026, comfortably above this floor, but continued rapid loan growth will require the Rs.25,000.00 Lakhs planned capital infusion from this Offer to sustain that buffer.

• The company operates as a lending service provider rather than a direct lender for most of its book, so a change in RBI's regulatory treatment of LSP or DLG arrangements could affect the business model materially.

• Personal loans remain the flagship and largest product; other financial product lines are comparatively new, with Other Product Partners growing from 1 in FY2024 to 21 in FY2026, so diversification beyond personal loans is still an early stage effort.

Positives to Note

• Registered Users grew from 8.327 crore in FY2024 to 13.414 crore in FY2026, a 26.92% CAGR, and Monetized Users grew even faster, from 46.2 Lakhs to 1.075 crore over the same period.

• Annualised loss rates on loans facilitated through the platform improved every year, from 7.93% in FY2024 to 7.07% in FY2025 to 6.95% in FY2026, and further to 6.90% in the quarter ended June 30, 2026, indicating improving portfolio quality even as the book scales.

• Operating expenses fell from 56.42% of total income in FY2024 to 34.84% in FY2026, showing meaningful operating leverage as the platform has scaled.

• Underlying profit after tax, excluding the one time CEO incentive, grew 65.35% in FY2026 to Rs.39,734.40 Lakhs, and profit before exceptional items and tax grew 67.31% to Rs.53,400.70 Lakhs.

• WFPL, the NBFC subsidiary, carries a Tier I capital ratio of 24.00% against a 10% regulatory floor as of March 31, 2026, giving it headroom to absorb continued loan growth even before the planned capital infusion.

• The number of Financial Partners on the platform grew from 19 in FY2024 to 43 in FY2026 and further to 48 by June 30, 2026, broadening the base of lenders the company works with beyond its own NBFC subsidiary.

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