Moneyview Limited IPO DHRP Analysis

IPO Analysis  |  NSE and BSE Main Board  |  100% Book Built Offer (Fresh Issue and Offer for Sale)  |  Regulation 6(1)

Based on Draft Red Herring Prospectus dated March 3, 2026  |  Digital Lending and Financial Services Platform  |  Bengaluru, Karnataka

STATUS: DRHP FILED  |  Fresh Issue: up to Rs.15,000 Million  |  Offer for Sale: up to 136,095,900 Shares  |  Regulation 6(1)  |  NSE and BSE Main Board  |  Pre-SEBI Observation Stage  |  125.49 Million Registered Users  |  Managed AUM: Rs.198,148 Million

Moneyview Limited (originally incorporated as Whizdm Innovations Private Limited in August 2014, renamed Moneyview Private Limited in May 2025, and converted to a public limited company in June 2025) is a Bengaluru, Karnataka-headquartered, consumer-focused, digital-only, credit-led financial services platform for 'Middle India', defined as households with an annual income of Rs.300,000 to Rs.1,100,000. Its registered and corporate office is at 17/1, 1st and 2nd Floor, The Address Building, Outer Ring Road, Marathahalli, Kadubeesanahalli, Bangalore 560103, Karnataka.

Its website is https://moneyview.in. Its CIN is U72200KA2014PLC075775. The Promoters are Puneet Agarwal and Sanjay Aggarwal, who co-founded the company in 2014, and Sushma Abburi. Company Secretary and Compliance Officer is Ankit Kumar Jain.

The company operates entirely through its Moneyview mobile application, delivering financial products via a network of 42 Financial Partners, including its own NBFC subsidiary, Whizdm Finance Private Limited (WFPL).

As of December 31, 2025, the platform had 125.49 million Registered Users and had monetized 9.73 million of them, serving 99.55% of pin codes across India with no physical branches and processing close to 200,000 loan applications per day. Personal loans, launched in Fiscal 2017, remain the flagship product: instant, fully digital loans of up to Rs.1.00 million with tenures up to 60 months, personalized through in-house AI/ML models that assess over 100,000 variables per user.

As of December 31, 2025, Managed AUM under the personal loan program stood at Rs.198,148.20 million across 5.77 million serviced users, facilitated through 22 Regulated Entities including WFPL. Since August 2024, the company has expanded into credit cards, earned wage access, home loans, loans against property, insurance, digital gold, UPI transactions and bill payments.

The company operates as a Lending Service Provider (LSP): for loans facilitated through third-party bank and NBFC partners, it earns origination and servicing fees and shares credit losses through a default loss guarantee (DLG) of up to 5% of the relevant loan portfolio; for loans disbursed through its own NBFC subsidiary WFPL, it earns origination fees and net interest margin and bears the entire credit risk itself.

This dual structure means the company's revenue mix has been shifting: interest income (from WFPL's own book) grew from 6.91% of revenue in Fiscal 2023 to 39.39% in the nine months to December 31, 2025, as fee and commission income (from the asset-light, third-party-facilitated model) correspondingly declined from 91.84% to 56.37% of revenue. Monetized personal loan users had an average monthly income of Rs.47,117.57 and average age of 32 years as of December 31, 2025, with 79.48% residing in Tier 2 and beyond cities. The company's financial year ends March 31.

Key Basics

This Offer is a 100% Book Built Offer combining a Fresh Issue of up to Rs.15,000 Million by the Company with an Offer for Sale of up to 136,095,900 Equity Shares across 17 Selling Shareholders. The DRHP is dated March 3, 2026 and is at the pre-SEBI observation stage. The Issue is made under Regulation 6(1) of SEBI ICDR Regulations, listing on both NSE and BSE. All [TBD] items including Price Band, bid dates and final share counts remain undetermined.

Document Type	Draft Red Herring Prospectus (DRHP) dated March 3, 2026. Pre-SEBI observation stage. All [TBD] items to be finalised at RHP stage.
Issue Structure	100% Book Built Offer comprising a Fresh Issue of up to Rs.15,000 Million (share count undetermined) and an Offer for Sale of up to 136,095,900 Equity Shares across 17 Selling Shareholders. Face value Rs.1 per share.
Face Value	Rs.1 per Equity Share.
Selling Shareholders	Promoters Puneet Agarwal (13,548,300 shares, WACA Rs.0.74) and Sanjay Aggarwal (13,548,300 shares, WACA Rs.0.34); Promoter Group member Chitra Agarwal (1,935,400 shares); and 14 institutional Investor Selling Shareholders including Internet Fund III Pte. Ltd., Accel India IV and Accel Growth IV, Crimson Winter Limited, Ribbit Capital, Lok Capital entities, Evolvence India Fund IV, Apis Growth II, NLI Strategic Venture Investment, and TI-affiliated and DI Investment entities, at WACAs ranging from Rs.2.87 to Rs.44.75.
Possible Pre-IPO Placement	Up to Rs.3,000 Million (20% of Fresh Issue size) may be raised prior to RHP filing at the Board's discretion; if completed, this amount reduces the Fresh Issue size.
Promoters	Puneet Agarwal, Sanjay Aggarwal, and Sushma Abburi.
Pre-Offer Promoter Holding	Puneet Agarwal 8.66%, Sanjay Aggarwal 10.33%, Sushma Abburi 0.56% of pre-Offer paid-up capital (fully diluted); largest single Selling Shareholders are Accel India IV (14.70%) and Internet Fund III (13.79%).
Eligibility	Regulation 6(1) of SEBI ICDR Regulations, the standard main board profitability-based eligibility route.
Listing Exchanges	NSE and BSE. Designated Stock Exchange: [TBD]. In-principle approvals pending.
BRLMs	Axis Capital Limited; BofA Securities India Limited; IIFL Capital Services Limited (formerly IIFL Securities Limited); Kotak Mahindra Capital Company Limited.
Registrar	MUFG Intime India Private Limited (formerly Link Intime India Private Limited). Contact: Shanti Gopalkrishnan.
Bid/Issue Dates	All dates (including Price Band) to be announced after SEBI observations and RHP filing.
Listed Peers	Four listed peers: PB Fintech Limited, One97 Communications Limited (Paytm), Bajaj Finance Limited, and SBI Cards and Payment Services Limited. Industry P/E: highest 193.77x, lowest 37.24x (excluding a peer with negative EPS), composite average 89.88x.

The Offer for Sale here spans a genuinely broad set of sellers, from the two founder-Promoters to a dozen global venture and growth-equity investors (including entities linked to Accel, Tiger Global's Internet Fund, and Ribbit Capital) that have backed the company across more than a decade of funding rounds, with Weighted Average Costs of Acquisition ranging from Rs.0.34 (Promoter Sanjay Aggarwal, reflecting historical bonus shares) to Rs.44.75 (later-stage investors such as Lok Capital and Apis Growth).

A useful, more recent reference point: Accel-affiliated entities acquired shares in a September 2024 private placement at Rs.64.15 per share, giving investors a relatively fresh benchmark for how the company was valued outside the IPO process itself.

This is a combined Fresh Issue and Offer for Sale; only the Fresh Issue component (up to Rs.15,000 Million) accrues to the Company. The Offer for Sale proceeds go entirely to the 17 Selling Shareholders, and the Company receives no benefit from that portion.

Object	Amount (Rs. Mn)	Details
Growth in DLG-Backed Loan Disbursals	6,500.00	Investment to drive growth in loan disbursals under Default Loss Guarantee (DLG) arrangements with Regulated Entity partners, where the Company shares credit losses up to a maximum of 5% of the relevant loan portfolio.
Capital Infusion into WFPL	4,500.00	Investment in Material Subsidiary Whizdm Finance Private Limited (WFPL), the Company's NBFC, to augment its capital base and support continued growth of on-balance-sheet lending.
General Corporate Purposes	[TBD]	Capped at 25% of Gross Proceeds. Exact amount to be finalised upon determination of the Offer Price.
TOTAL FRESH ISSUE	15,000.00	Identified specific objects total Rs.11,000.00 Million (73.3% of the Fresh Issue), both directly expanding the Company's credit exposure. None of the Objects have been appraised by a bank or financial institution.

Both identified Objects point in the same strategic direction: expanding the Company's own credit exposure rather than funding technology, marketing, or other asset-light growth initiatives. Object 1 (Rs.6,500 Million) directly funds more DLG-backed lending, which, as detailed in Section 6, will mechanically grow the Company's outstanding default loss guarantee contingent liability, already Rs.8,470.70 Million as of December 31, 2025 and rising quickly.

Object 2 (Rs.4,500 Million) capitalises WFPL, the wholly owned NBFC subsidiary that takes on-balance-sheet credit risk directly; this Object supports the same shift toward interest-income-based, on-balance-sheet lending already visible in the revenue mix (see Section 4). In short, this Fresh Issue is squarely a growth-capital raise for a lending business, and its use will directly increase both the scale of the loan book and the Company's own credit and guarantee exposure, rather than diversifying away from it. As with most DRHP-stage filings, General Corporate Purposes is capped only as a percentage (25% of Gross Proceeds) rather than an absolute number.

Financial Performance

Note: All figures in Rs. Million unless stated; Rs. Crore equivalents provided for Revenue. Financial periods: nine months ended December 31, 2025 (9M FY2026, stub, not annualised unless marked ); Fiscal 2025, Fiscal 2024 and Fiscal 2023 (years ended March 31). Restated Consolidated Financial Information audited and certified per Bashetty & Joshi, Chartered Accountants. 9M FY2026 EPS, RoNW and ROE figures are not annualised unless otherwise stated.

Revenue, Loan Book, and Profitability

Metric	9M FY26 (Rs. Mn)	FY2025 (Rs. Mn)	FY2024 (Rs. Mn)	FY2023 (Rs. Mn)
Revenue from Operations	23,733.02	23,391.46	13,423.70	6,480.90
Revenue (Rs. Crore)	Rs.2,373.3 Cr	Rs.2,339.1 Cr	Rs.1,342.4 Cr	Rs.648.1 Cr
Fees and Commission Income %	56.37%	63.56%	75.64%	91.84%
Interest Income %	39.39%	33.73%	22.41%	6.91%
Loan Disbursals	162,995.43	176,211.18	145,271.56	82,742.28
Loan Disbursals CAGR (FY2023 to FY2025)	45.93%
Managed AUM (period end)	198,148.20	167,151.41	128,848.26	76,440.46
Net Loan Revenue	13,774.82	14,473.11	10,864.69	6,341.78
Loan Margin %	8.45%	8.21%	7.48%	7.66%
Operating Expenses / Total Income %	35.19%	41.43%	56.42%	62.84%
Operating Profit	5,300.14	4,619.56	3,026.34	2,087.44
Profit Before Exceptional Item and Tax	3,284.90	3,192.11	1,983.03	1,616.84
Exceptional Item (Loss)	469.99	0.00	0.00	0.00
PAT (before exceptional item, net of tax)	2,449.09	2,402.75	1,711.47	1,625.65
Profit After Tax (PAT, as reported)	2,097.39	2,402.75	1,711.47	1,625.65
Basic EPS (Rs.)	1.38*	1.60	1.20	1.24
Return on Net Worth (RoNW) %	9.67*	12.52%	10.65%	12.37%
Return on Equity (avg. basis, pre-exceptional) %	15.98*	13.63%	11.72%	N/A
NAV per Share (Rs.)	14.67	12.98
Registered Users (Million)	125.49	109.59	83.27	59.08
Monetized Users (Million)	9.73	7.45	4.62	2.15
Gross Stage 3 Loans Ratio	2.53%	1.88%	0.94%	3.37%
Provision Coverage Ratio	75.50%	75.50%	80.49%	76.26%

Revenue from operations grew explosively, from Rs.6,480.90 million (FY2023) to Rs.23,391.46 million (FY2025), and the nine months to December 2025 (Rs.23,733.02 million) already exceed the whole of FY2025. Loan Disbursals grew at a 45.93% CAGR (FY2023 to FY2025) and Managed AUM grew from Rs.76,440.46 million to Rs.198,148.20 million over the same window.

Operating leverage has been the standout feature of this growth: Operating Expenses as a percentage of Total Income fell from 62.84% (FY2023) to 35.19% (9M FY2026), while Loan Margin simultaneously improved from 7.66% to 8.45%, together driving Operating Profit up from Rs.2,087.44 million to an annualised run-rate well above Rs.5,300.14 million.

A structural shift underlies this growth: interest income, earned on loans held on the balance sheet of NBFC subsidiary WFPL, grew from just 6.91% of revenue (FY2023) to 39.39% (9M FY2026), while fee and commission income (from the original, asset-light, third-party-facilitated model) fell correspondingly from 91.84% to 56.37%. This means the Company is taking on progressively more direct credit risk rather than remaining a pure facilitator, a shift the Objects of the Offer in Section 3 explicitly reinforce.

RoNW has moved in a comparatively narrow, non-monotonic band, from 12.37% (FY2023) to 10.65% (FY2024) to 12.52% (FY2025) to 9.67% (9M FY2026, not annualised), reflecting the combination of rapid equity growth (from capital raises) and a maturing, more capital-intensive lending mix rather than a steadily compounding return profile.

The Rs.469.99 million exceptional loss recorded in the nine months to December 2025 (with none in the three prior fiscals) means the as-reported PAT of Rs.2,097.39 million for that period understates underlying profitability versus the pre-exceptional figure of Rs.2,449.09 million; the two should not be compared directly with prior full-year figures without this adjustment in mind.

Balance Sheet, Leverage, and Asset Quality

Item	9M FY26 (Rs. Mn)	FY2025 (Rs. Mn)	FY2024 (Rs. Mn)	FY2023 (Rs. Mn)
Total Assets	77,188.43	56,324.20	35,195.01	17,240.55
Total Equity (Net Worth)	21,686.12	19,186.64	16,066.44	13,142.72
Total Borrowings	50,803.27	34,133.67	17,089.18	2,666.20
DLG Outstanding (Contingent Liability)	8,470.70	7,077.95	4,563.02	0.00
DLG Expense as % of Total Expenses	15.33%	15.62%	11.02%	0.00%

Total Borrowings grew nearly nineteen-fold, from Rs.2,666.20 million (FY2023) to Rs.50,803.27 million (nine months to December 2025), funding the rapid scale-up of WFPL's on-balance-sheet loan book; this is the primary driver behind Total Assets growing from Rs.17,240.55 million to Rs.77,188.43 million over the same period.

Asset quality bears watching: Gross Stage 3 Loans (the equivalent of non-performing loans) rose from 0.94% of Total Gross Loans (FY2024) to 1.88% (FY2025) to 2.53% (December 2025), even as the Provision Coverage Ratio, the share of Stage 3 loans already provisioned for, declined from 80.49% (FY2024) to 75.50% (December 2025).

All Portfolio Loans held on WFPL's balance sheet are unsecured, meaning there is no collateral to fall back on if this deterioration continues. Separately, the Default Loss Guarantee (DLG) contingent liability, the Company's maximum exposure to credit losses on loans facilitated (but not held) through third-party partners, grew from zero (FY2023, before DLG arrangements began) to Rs.4,563.02 million (FY2024) to Rs.8,470.70 million (December 2025), and DLG expense already represents 15.33% to 15.62% of total expenses in the most recent periods, a cost line that scales directly with disbursal growth and is set to grow further given Object 1 of this very Offer.

How Does It Compare to Peers?

The DRHP discloses four listed industry peers spanning fintech and consumer lending: PB Fintech Limited, One97 Communications Limited (Paytm), Bajaj Finance Limited, and SBI Cards and Payment Services Limited. Figures below are FY2025; P/E for peers is based on closing market price on BSE as of February 27, 2026 divided by Diluted EPS.

Company	Revenue FY25 (Rs. Mn)	EPS (Rs.)	P/E (x)	RoNW (%)	NAV/Share (Rs.)
Moneyview Limited (Our Company)	23,391.46	1.58	[TBD]	12.52%	12.98
PB Fintech Limited	49,772.10	7.65	193.77	5.49%	140.18
One97 Communications Ltd. (Paytm)	69,004.00	(10.35)	N.A.	(4.42)%	235.12
Bajaj Finance Limited	6,96,835.10	268.20	37.24	16.96%	1,593.67
SBI Cards and Payment Services Ltd.	1,80,722.20	20.14	38.62	13.83%	145.62

Moneyview's FY2025 RoNW of 12.52% sits ahead of two of its four peers: PB Fintech's 5.49% and Paytm's negative 4.42% (Paytm posted a loss for the year, hence the not-applicable P/E), but behind Bajaj Finance's 16.96% and modestly behind SBI Cards' 13.83%. This is a reasonably strong showing given Moneyview is by far the smallest of the five companies by revenue, at roughly one-thirtieth of Bajaj Finance's Rs.696,835.10 million and well under half of SBI Cards' Rs.180,722.20 million.

The industry P/E range is extremely wide (37.24x to 193.77x, composite average 89.88x, excluding Paytm's not-applicable figure), reflecting a mix of high-growth, high-multiple platforms (PB Fintech) and more mature, lower-multiple lenders (Bajaj Finance, SBI Cards); this wide dispersion means the industry average is not a reliable single anchor for valuing Moneyview. Since the Offer Price and hence Moneyview's own P/E remain undetermined ([TBD]), and since Moneyview's business mix is actively shifting toward more balance-sheet-intensive lending (see Section 4), the ultimate valuation attractiveness relative to this varied peer set cannot yet be assessed.

Key Risks

l  Default Loss Guarantee (DLG) exposure is large and growing quickly: the outstanding DLG contingent liability grew from zero (FY2023) to Rs.4,563.02 million (FY2024) to Rs.8,470.70 million (December 2025), and DLG expense already represents 15.33% to 15.62% of total expenses in the most recent periods. Object 1 of this very Offer (Rs.6,500 Million) is earmarked specifically to grow DLG-backed loan disbursals further, meaning this IPO directly funds expansion of the Company's own guarantee exposure, capped at up to 5% of the relevant loan portfolio under RBI rules but scaling in absolute terms with growth.

l  Asset quality has deteriorated in the most recent periods: Gross Stage 3 Loans (the equivalent of non-performing loans) rose from 0.94% of Total Gross Loans (FY2024) to 1.88% (FY2025) to 2.53% (December 2025), even as the Provision Coverage Ratio declined from 80.49% (FY2024) to 75.50% (December 2025) over the same window. All Portfolio Loans held on the NBFC subsidiary's balance sheet are unsecured, with no collateral to fall back on if this trend continues.

l  The business model is actively shifting toward greater on-balance-sheet credit risk: interest income (from the Company's own NBFC lending) grew from 6.91% of revenue (FY2023) to 39.39% (nine months to December 2025), while asset-light fee and commission income fell correspondingly from 91.84% to 56.37%. Object 2 of this Offer (Rs.4,500 Million to capitalise the NBFC subsidiary) accelerates this shift further, meaning investors are increasingly buying into a balance-sheet lender rather than a pure digital facilitator.

l  Total Borrowings grew nearly nineteen-fold, from Rs.2,666.20 million (FY2023) to Rs.50,803.27 million (nine months to December 2025), funding the rapidly scaling loan book. Continued growth at this pace depends on sustained access to wholesale funding markets at reasonable cost; any tightening in credit markets, a ratings action, or a broader liquidity event would directly constrain the Company's ability to keep growing disbursals.

l  A Rs.469.99 million exceptional loss was recorded in the nine months to December 31, 2025, with none in the three preceding fiscal years; as-reported PAT for that period (Rs.2,097.39 million) understates underlying profitability relative to the pre-exceptional figure (Rs.2,449.09 million), and the two should not be compared directly with prior full-year numbers without adjusting for this.

l  The regulatory framework governing digital lending, LSP arrangements, and DLG has changed multiple times in recent years, most recently with the RBI Non-Banking Financial Companies (Credit Facilities) Directions, 2025 superseding the prior Digital Lending Directions, which had itself replaced 2023 DLG guidelines; further regulatory change specific to this business model remains a real possibility given this pace of revision.

l  Return on Net Worth has moved in a comparatively narrow, non-monotonic band (12.37% in FY2023, 10.65% in FY2024, 12.52% in FY2025, and 9.67% in the nine months to December 2025, not annualised) rather than compounding steadily upward, reflecting the combined effect of periodic equity capital raises and an increasingly capital-intensive lending mix.

l  The Company relies substantially on fees and commission income paid by Financial Partners and has no long-term contractual guarantees on the rates charged; these rates are periodically renegotiated and subject to change based on competitive and regulatory conditions.

l  A possible Pre-IPO Placement of up to Rs.3,000 million could reduce the Fresh Issue size and change the final Net Proceeds available for the disclosed Objects of the Offer.

l  The General Corporate Purposes allocation is capped only as a percentage (25% of Gross Proceeds) rather than disclosed as an absolute amount, leaving a portion of Fresh Issue proceeds subject to management discretion at the time of listing.

l  The Offer for Sale spans 17 Selling Shareholders, including a dozen venture and growth-equity investors exiting at Weighted Average Costs of Acquisition ranging from Rs.2.87 to Rs.44.75 per share, reflecting a company at the exit stage of a long, multi-round venture funding history; the scale and breadth of this exit is worth weighing alongside the company's own growth narrative.

l  Minor pending litigation exists at the Director level (two tax proceedings and one statutory/regulatory action, aggregating Rs.35.73 million) and a criminal proceeding initiated by a Subsidiary (Rs.19.74 million); none involve the Company itself or the Promoters directly.

Positives to Note

l  Massive and rapidly growing user base with an improving monetization funnel: Registered Users grew from 59.08 million (FY2023) to 125.49 million (December 2025), a 36.20% CAGR, while Monetized Users as a share of Registered Users climbed steadily from 3.64% to 7.75% over the same window, indicating the funnel is improving, not just growing.

l  Strong, broad-based operating leverage: Operating Expenses as a percentage of Total Income fell from 62.84% (FY2023) to 35.19% (nine months to December 2025), while Loan Margin simultaneously improved from 7.66% to 8.45%, together driving a step-change in Operating Profit.

l  Return on Net Worth of 12.52% (FY2025) is ahead of two of the Company's four disclosed listed peers (PB Fintech's 5.49% and Paytm's negative 4.42%), and reasonably close to SBI Cards' 13.83%, despite Moneyview being by far the smallest of the five companies by revenue scale.

l  Rapid, demand-driven scale-up: Managed AUM grew from Rs.76,440.46 million (FY2023) to Rs.198,148.20 million (December 2025), and Loan Disbursals grew at a 45.93% CAGR (FY2023 to FY2025), reflecting genuine product-market fit for the Company's digital-first personal loan product among 'Middle India' consumers.

l  Capital-light, technology-driven distribution at genuine national scale: 99.55% pin code coverage across India with no physical branches, close to 200,000 loan applications processed per day, and a 4.8-star mobile application rating, reflecting real operational efficiency rather than aspirational metrics alone.

l  Diversifying product suite beyond personal loans, including credit cards, earned wage access, home loans, loans against property, insurance, digital gold, UPI and bill payments, all launched or expanded since August 2024, which could reduce single-product dependency and increase user lifetime value over time.

l  Founder-led since 2014 by Puneet Agarwal and Sanjay Aggarwal, with backing from a deep roster of marquee global venture and growth-equity investors, including entities affiliated with Accel, Tiger Global (Internet Fund III), and Ribbit Capital, across more than a decade of scaling the business.

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