This is a lending business. Cash-flow reads that suit a manufacturer do not apply: disbursing loans is an operating outflow, so negative operating cash is normal and not a warning sign. Leverage is the raw material of the model, not a red flag on its own. Reads that would mislead here have been withheld rather than shown with a caveat.
This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Moneyview Limited operates a credit-led digital financial platform offering personal loans, credit cards, home loans, loans against property, earned wage access, digital gold, fixed deposits, and UPI payments. Personal loans serve as its flagship product, available up to ₹ 0.10 crore with tenures up to 60 months. The company primarily targets Middle India—households earning ₹ 0.03 crore to ₹ 0.11 crore annually—with its monetized users averaging an age of 32 years and an average monthly income of ₹ 0.0047 crore. Geographically, Moneyview maintains a pan-India digital reach across 99.04% of Indian PIN codes, with 79.54% of monetized users residing in Tier 2+ cities and 36.64% of Managed AUM concentrated in Southern India as of Fiscal 2026. Operating a capital-light Lending Service Provider (LSP) model, its supply chain relies on deep technology integrations with 48 Financial Partners, including 22 regulated entities (banks and NBFCs) and its wholly-owned NBFC subsidiary, Whizdm Finance Private Limited. On scale, Moneyview facilitated ₹ 23,098.52 crore in personal loan disbursals in Fiscal 2026, reaching a Managed AUM of ₹ 21,380.14 crore (scaling to ₹ 22,520.17 crore as of June 30, 2026), with total consolidated revenue from operations standing at ₹ 3,351.16 crore and net profit of ₹ 242.71 crore in Fiscal 2026.
Proprietary AI/ML credit underwriting and risk-segmentation models trained on over 100,000 data variables, strong pan-India digital distribution covering 99.04% of PIN codes without physical branches, deep system integrations with 48 Financial Partners, and a self-reinforcing data flywheel powered by 140.28 million registered users.
Moneyview Limited is a consumer-focused, digital-only, credit-led financial services platform in India providing Middle India customers access to a full suite of financial products through a network of 48 Financial Partners, including its regulated NBFC subsidiary, Whizdm Finance Private Limited. Operating primarily as a Lending Service Provider, the company facilitates paperless, AI/ML-driven personal loan origination and servicing alongside digital gold, earned wage access, home loans, credit cards, and payment solutions.
Source: p.207, p.212, p.218
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Fees and commission income | 56.68 | p.25, p.309, p.380 |
| Interest income | 39.17 | p.25, p.309, p.380 |
| Gain on derecognition of financial assets | 2.9 | p.25, p.309, p.380 |
| Other operating income | 1.25 | p.25, p.309, p.380 |
According to the Redseer Report, India's personal loan sanctions grew at a CAGR of ~43% between FY2021 and FY2026, reaching ₹ 1,480,000.00 crore (~US$ 0.16 trillion), and are projected to expand to ₹ 3,300,000.00–₹ 3,600,000.00 crore by FY2031P at an 18-20% CAGR. Digital personal loans represent the fastest-growing segment, accounting for ~15% of personal loan sanctions in FY2026 (₹ 220,000.00 crore) and projected to grow at a 26-27% CAGR to reach ₹ 710,000.00–₹ 730,000.00 crore by FY2031P. Moneyview Limited is the largest full-stack digital lending platform among its peers in India based on AUM as of FY2025, accounting for approximately 10.5% of total digital unsecured personal loan sanctions and 1.6% of overall unsecured personal loan sanctions in FY2026.
Sector slug: digital-lending-and-personal-loans
Source: p.168, p.169, p.183, p.184
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| OnEMI Technology Solutions Limited | 16.62 | 20.96 | p.146 | ||
| PB Fintech Limited | 120.33 | 9.17 | p.146 | ||
| One97 Communications Limited | 213.45 | 4.61 | p.146 | ||
| Bajaj Finance Limited | 33.66 | 17.19 | p.146 | ||
| SBI Cards and Payment Services Limited | 27.98 | 13.72 | p.146 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| consolidated | FY26 | 179.34 | 242.71 | 7.24% | 3351.16 | yes | 1647.79 |
| consolidated | FY25 | 20.82 | 240.28 | 10.27% | 2339.15 | yes | 1659.64 |
| consolidated | FY24 | 13.79 | 171.15 | 12.75% | 1342.37 | yes | 1517.81 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
How will the ₹ 750.00 crore fresh issue proceeds be deployed to drive business growth?
Moneyview is allocating ₹ 325.00 crore to fund lien-marked fixed deposits for Default Loss Guarantee (DLG) collateral with partner lenders, ₹ 250.00 crore as equity infusion into Whizdm Finance Private Limited to boost its capital adequacy ratio, and the remaining balance for general corporate purposes.
p.101, p.134
What is Moneyview's dependence on its top Financial Partners for revenue?
Moneyview derived 37.36% of its FY26 total revenue from operations from its top 10 Financial Partners, demonstrating significant partner diversification across 22 regulated lending entities and 26 other financial product partners.
p.27, p.50, p.442
What caused the one-time impact on net profit in Fiscal 2026 despite strong operating profit growth?
While pre-tax profit before exceptional items grew 67.29% to ₹ 53.40 crore in FY26, net profit was impacted by a one-time performance-based incentive of ₹ 160.00 crore paid to Managing Director & CEO Puneet Agarwal, alongside a net exceptional cyber loss of ₹ 34.91 crore (after tax).
p.40, p.95, p.356
What was the nature and financial impact of the cyber fraud incident reported in FY26?
In August 2025, external threat actors exploited bank API integrations to make unauthorized bank withdrawals of ₹ 48.32 crore from WFPL's accounts. Law enforcement recovered ₹ 2.11 crore, leaving a net cash loss of ₹ 46.65 crore recognized as an exceptional item in FY26.
p.50, p.356, p.427
What the issue priced at, on the figures in the document.
Pe basis: P/E ratio to be determined upon finalization of Price Band based on Fiscal 2026 basic EPS of ₹ 1.60 and diluted EPS of ₹ 1.57.
Filing compares accounting ratios with listed digital consumer lending and financial platform peers OnEMI Tech, PB Fintech, Paytm, Bajaj Finance, and SBI Cards.
Source: p.144, p.145, p.146
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2014-08-11 | Puneet Agarwal and Sanjay Aggarwal | 10000 | 10 | Subscription to MOA | p.108 |
| 2018-10-03 | Accel Growth IV Holdings (Mauritius) Ltd. and NLI Strategic Investment Limited | 200 | 2634.06 | Private Placement | p.109 |
| 2021-09-23 | DMI Alternative Investment Fund – The Sparkle Fund | 16265 | 2897.47 | Conversion of Warrants | p.110 |
| 2022-03-16 | Crimson Winter Limited | 5 | 17196.65 | Private Placement | p.110 |
| 2024-03-30 | Nexus Ventures VI Holdings, LLC | 6023382 | 64.15 | Private Placement | p.110 |
| 2025-03-11 | Trifecta Venture Debt Fund - III | 1 | 64.15 | Private Placement | p.110 |
| 2026-02-24 | Moneyview Employees Trust | 75000000 | 1 | Allotment | p.110 |
| 2024-09-17 | Accel India VI (Mauritius) Limited and Accel India VII (Mauritius) Limited | 3041260 | 64.15 | Private Placement | p.130 |
Ceo: Puneet Agarwal
1 direct tax proceeding involving Director Alpana Parida (unquantified demand before Principal CCIT Mumbai); 1 criminal proceeding by subsidiary WFPL (₹ 1.97 crore recovery involving cyber fraud API unauthorized withdrawals); 1 ED show-cause notice under FEMA against nominee director Subrata Mitra.
Auditor name: S.R. Batliboi & Associates LLP
Promoters hold 19.55% (30,08,99,776 Equity Shares on a fully diluted basis assuming exercise of vested options) of pre-issue paid-up equity share capital.
Statutory Auditors disclosed modifications/qualifications in their CARO reports for FY26, FY25, and FY24 regarding daily backup of electronic accounting books on Indian physical servers and database-level audit trail features, alongside a CARO 2020 reporting of a cyber fraud incident involving unauthorized bank withdrawals of ₹ 48.32 crore in FY26.
Auditor changed last 3y: No; S.R. Batliboi & Associates LLP has served as statutory auditor throughout the three-year reporting period.
Source: p.2, p.50, p.98, p.101, p.122
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Puneet Agarwal | 168.87 | Short-term employee benefits, one-time performance-based incentive, and share-based payments | Managing Director and Chief Executive Officer / Promoter | Executive leadership, strategic direction, and operational management | p.95, p.381 |
| Sushma Abburi | 1.66 | Short-term employee benefits (Salaries and bonus) | Chief Product Officer / Relative of Key Managerial Personnel / Promoter | Product strategy and execution leadership | p.95, p.381 |
| Sanjay Aggarwal | 8.87 | Short-term employee benefits and share-based payments | Executive Director and Chief Technology Officer / Promoter | Technology architecture and engineering management | p.95, p.381 |
Filing discloses past short delays in paying statutory dues including GST, Provident Fund, Employee State Insurance Corporation, and Profession Tax, alongside a suo moto settlement application dated February 19, 2026 pending before SEBI regarding private placement down-selling of NCDs by WFPL beyond statutory limits.
Defaults disclosed: Yes
Source: p.40, p.67, p.428
A change between the two filings is a disclosure in itself.
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
What this sector is read on: AUM, AUM growth YoY, Disbursements, NIM or spread, Cost of funds, Stage 2, Gross Stage 3, Net Stage 3. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the NBFCs and housing finance framework (from the listed sector). Primary valuation lens: P/B against RoA and growth.
Read more closely in this sector: Stage 2 movement against Stage 3 · ALM gap within one year · Write-offs against slippages · Lending to group companies · Unsecured or microfinance growth against the total book.
The same read, applied to the companies this one competes with.