Can Moneyview IPO deliver long-term growth for high-risk investors?

By

Sachin Kumar

, ET BureauLast Updated: Sep 24, 2026, 06:50:00 AM IST

Synopsis

Moneyview, a digital lending platform, is planning a ₹750 crore IPO to fund loan growth. The company's registered users increased significantly, but asset quality has worsened with higher non-performing assets. Total income and loan disbursals have risen sharply, contributing to increased net profit. The company faces potential regulatory risks that may impact its unsecured loan growth. Investors are advised to evaluate financial clarity post-IPO before making decisions.

ET Intelligence Group: Moneyview, a digital lending and financial services platform, plans to raise ₹750 crore through a fresh issue to fund growth in loan disbursals and strengthen the capital base of its subsidiary along with ₹342 crore through an offer for sale. The promoter shareholding will fall to 19.3% after the IPO from 23.9%. Its registered user base has increased 61% annually over the past two years, while its monetised users have more than doubled. However, asset quality has deteriorated -- gross non-performing assets (GNPA) ratio rose to 2.7% in FY26 from 0.9% in FY24. It remains exposed to regulatory risk. Any changes in norms by the banking regulator to restrict unsecured loans may affect its loan growth. Given these factors, investors may wait for a better clarity on financials after the listing.

ET Bureau

Business

Incorporated in 2014, the company primarily offers services through its digital platform with personal loans remaining a key revenue driver. It has expanded into credit cards, earned wage access, home loans, loans against property, insurance, digital gold, UPI and bill payments though these offerings remain at a nascent stage. The company primarily serves households with annual income between ₹3 lakh and ₹11 lakh. Its registered users rose 27% annually to 13.4 crore between FY24 and FY26. The number of monetised users grew 53% annually to 1.1 crore over the same period. Revenue is primarily derived from fees, commissions and interest income. In FY26, fees and commissions contributed 56.7% to revenue. According to the Redseer Report, India's personal loan market is projected to grow 18-20% annually to ₹33-36 lakh crore by FY31.

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Financials

Total income increased annually by 56.5% to ₹3,404.3 crore in FY26 from ₹1,389.2 crore in FY24. Loan disbursals increased 31% to ₹23,098.52 crore in FY26 from ₹14,527.2 crore in FY24 while loan margin expanded to 8.6% from 7.5%. Assets Under Management (AUM) rose 28% to ₹21,380.1 crore from ₹12,884.8 crore in FY24. Net profit increased to ₹242.7 crore from ₹171.2 crore in FY24. Return on equity increased to 19.2% in FY26 from 13.6% in FY25. Credit costs have risen sharply, with impairment increasing to 28.9% of total income in FY26 from 18.2% in FY24.

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Valuations

The issue is valued at a price-book (P/B) of 1.9 on post-IPO basis. OnEMI Technology Solutions, which provides app based digital lending, trades at a P/B of 2.9; its premium valuation reflects a better asset quality, with GNPA falling to 2.3% in the June 2026 quarter from 3.6% in the year-ago period.

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