{"id":15021,"date":"2026-09-24T10:49:50","date_gmt":"2026-09-24T10:49:50","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=15021"},"modified":"2026-09-28T10:53:32","modified_gmt":"2026-09-28T10:53:32","slug":"moneyview-ipo","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/moneyview-ipo\/","title":{"rendered":"Moneyview IPO: Money on Sight?"},"content":{"rendered":"<p><em>Moneyview is opening for IPO. The company runs a fully digital, credit-led platform that connects Middle India borrowers to personal loans, credit cards, insurance and other financial products, from origination to collections, without a single physical branch.<\/em><\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"ipo-summary\">IPO Summary<\/h2>\n<div class=\"captioned-image-container\">\n<table>\n<thead>\n<tr>\n<th colspan=\"2\">Moneyview IPO Details<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>IPO Date<\/td>\n<td>24th to 28th Sep, 2026<\/td>\n<\/tr>\n<tr>\n<td>Sale Type<\/td>\n<td>Fresh Issue + OFS<\/td>\n<\/tr>\n<tr>\n<td>Tentative Listing Date<\/td>\n<td>1st Oct, 2026<\/td>\n<\/tr>\n<tr>\n<td>Price Band<\/td>\n<td>\u20b932 to \u20b934<\/td>\n<\/tr>\n<tr>\n<td>Post Issue Mcap at \u20b934<\/td>\n<td>\u20b95,985 Cr<\/td>\n<\/tr>\n<tr>\n<td>Total Listing Size<\/td>\n<td>\u20b91,092 Cr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"introduction\">Introduction<\/h2>\n<p>India\u2019s retail lending market is set to grow at a CAGR of ~15%, from \u20b976.6 lakh Cr in FY26 to ~\u20b9151 lakh Cr by FY31. Within this, <strong>unsecured loans are the faster-growing segment<\/strong>, projected to grow at ~19% per year over the same period.<\/p>\n<p><strong>Personal loans are the sharpest edge of this trend<\/strong>. They grew at a <strong>CAGR of ~43%<\/strong> between FY21 and FY26 and are expanding at ~20% a year.<\/p>\n<p>Within personal loans, <strong>digital personal loans <\/strong>made up only <strong>~15% of sanctions <\/strong>in FY26, but they are the fastest-growing slice.<\/p>\n<p><em>Moneyview Limited sits inside this slice<\/em>. The company accounted for about ~<strong>10% of India\u2019s digital unsecured personal loan sanctions<\/strong> and ~<strong>2% of all unsecured personal loan sanctions<\/strong> in FY26.<\/p>\n<p>They\u2019re now going live in an IPO consisting of a Fresh Issue of \u20b9750 Cr and an Offer for Sale of ~\u20b9342 Cr.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-business-model\">The Business Model<\/h2>\n<p>Moneyview runs a digital-only financial services platform built for what it calls <strong>Middle India<\/strong>: households earning \u20b93-11 lakh a year.<\/p>\n<p>Users access every product through the Moneyview mobile app, with <strong>no physical branches <\/strong>and no paperwork.<\/p>\n<p>The app serves ~<strong>99% <\/strong>of <strong>India\u2019s pin codes<\/strong> and has <strong>140+ million Registered Users<\/strong>, of whom ~<strong>12 million <\/strong>have availed at least <strong>one <\/strong>paid product.<\/p>\n<p>The platform offers four categories of products: <strong>Borrow<\/strong>, <strong>Transact<\/strong>, <strong>Invest<\/strong>, and <strong>Protect<\/strong>.<\/p>\n<p><strong>Personal loans<\/strong> are the flagship product and the <strong>main driver of revenue<\/strong>.<\/p>\n<p>Moneyview offers <strong>instant digital loans of up to \u20b910 lakh<\/strong>, with tenures of <strong>up to 60 months<\/strong>, underwritten by in-house AI and machine learning models trained on more than 100,000 data variables.<\/p>\n<p>Moneyview does not lend all this money itself. It operates as a <strong>Lending Service Provider (LSP)<\/strong>, and personal loans reach borrowers through <strong>two channels<\/strong>:<\/p>\n<ul>\n<li><strong>Platform Partners<\/strong>: 22 regulated <strong>banks <\/strong>and <strong>NBFCs<\/strong>. Moneyview earns <strong>origination fees <\/strong>for acquiring and <strong>onboarding <\/strong>the borrower, and <strong>servicing fees <\/strong>for <strong>running <\/strong>the loan\u2019s life cycle, including <strong>collections<\/strong>. It also shares in credit losses through a <strong>Default Loss Guarantee (DLG) <\/strong>of up to 5% of the loan portfolio.<\/li>\n<li><strong>Whizdm Finance Private Limited (WFPL)<\/strong>, its own <strong>NBFC subsidiary: <\/strong>Moneyview earns an <strong>origination fee <\/strong>plus the <strong>net interest margin<\/strong>. WFPL carries the entire credit risk on these loans.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"unit-economics-per-%e2%82%b9100-of-loan-disbursed\">Unit Economics (per \u20b9100 of Loan Disbursed)<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!UQzj!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0043805e-d9d5-46b9-9643-e545c90eb831_892x792.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UQzj!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0043805e-d9d5-46b9-9643-e545c90eb831_892x792.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UQzj!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0043805e-d9d5-46b9-9643-e545c90eb831_892x792.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UQzj!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0043805e-d9d5-46b9-9643-e545c90eb831_892x792.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!UQzj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0043805e-d9d5-46b9-9643-e545c90eb831_892x792.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!UQzj!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0043805e-d9d5-46b9-9643-e545c90eb831_892x792.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UQzj!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0043805e-d9d5-46b9-9643-e545c90eb831_892x792.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UQzj!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0043805e-d9d5-46b9-9643-e545c90eb831_892x792.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UQzj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0043805e-d9d5-46b9-9643-e545c90eb831_892x792.png 1456w\" alt=\"\" width=\"508\" height=\"451.0493273542601\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/0043805e-d9d5-46b9-9643-e545c90eb831_892x792.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:792,&quot;width&quot;:892,&quot;resizeWidth&quot;:508,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li><strong>Net Loan Revenue per \u20b9100 disbursed <\/strong>rose from <strong>\u20b97.48 <\/strong>to <strong>\u20b98.55<\/strong> between <strong>FY24 <\/strong>and <strong>FY26<\/strong>.<\/li>\n<li>This happened even as <strong>Finance Costs <\/strong>more than <strong>tripled <\/strong>on unit basis from <strong>\u20b90.86 <\/strong>to <strong>\u20b92.73<\/strong>, as the subsidiary WFPL took on more debt to fund its growing on-book portfolio.<\/li>\n<li><strong>Operating Profit per \u20b9100 disbursed <\/strong>rose from <strong>\u20b92.08 <\/strong>to <strong>\u20b93.42<\/strong>, a <strong>65% jump over two years<\/strong>.<\/li>\n<li>One interesting note is that <strong>Operating Expenses as % of Total Income <\/strong>fell from <strong>~56% in FY24 <\/strong>to <strong>34.84% in FY26.<\/strong><\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"operating-metrics\">Operating Metrics<\/h2>\n<ul>\n<li>Both the number of <strong>monetized users<\/strong> as well as the <strong>rate of<\/strong> <strong>monetization<\/strong> is climbing, as only <strong>6% of registered users<\/strong> had paid for anything in <strong>FY24<\/strong>, rising to <strong>8%<\/strong> in <strong>FY26<\/strong>, representing a <strong>larger share<\/strong> of a <strong>larger base.<\/strong><\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!az29!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9fde8f96-5550-4bcb-8dea-d95368a31861_664x410.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!az29!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9fde8f96-5550-4bcb-8dea-d95368a31861_664x410.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!az29!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9fde8f96-5550-4bcb-8dea-d95368a31861_664x410.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!az29!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9fde8f96-5550-4bcb-8dea-d95368a31861_664x410.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!az29!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9fde8f96-5550-4bcb-8dea-d95368a31861_664x410.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!az29!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9fde8f96-5550-4bcb-8dea-d95368a31861_664x410.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!az29!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9fde8f96-5550-4bcb-8dea-d95368a31861_664x410.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!az29!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9fde8f96-5550-4bcb-8dea-d95368a31861_664x410.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!az29!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9fde8f96-5550-4bcb-8dea-d95368a31861_664x410.png 1456w\" alt=\"\" width=\"520\" height=\"321.0843373493976\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/9fde8f96-5550-4bcb-8dea-d95368a31861_664x410.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:410,&quot;width&quot;:664,&quot;resizeWidth&quot;:520,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li><strong>Repeat AUM rose from 42.08% to 60.86%<\/strong> of Managed AUM between FY24 and FY26. More than three out of every five rupees Moneyview now manages belongs to a repeat borrower, not a first-time one, which lowers the cost of acquiring that AUM.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!-nH0!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c20367a-e0e3-4057-8f40-1a4a6ad84def_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-nH0!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c20367a-e0e3-4057-8f40-1a4a6ad84def_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-nH0!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c20367a-e0e3-4057-8f40-1a4a6ad84def_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-nH0!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c20367a-e0e3-4057-8f40-1a4a6ad84def_600x371.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!-nH0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c20367a-e0e3-4057-8f40-1a4a6ad84def_600x371.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!-nH0!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c20367a-e0e3-4057-8f40-1a4a6ad84def_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-nH0!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c20367a-e0e3-4057-8f40-1a4a6ad84def_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-nH0!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c20367a-e0e3-4057-8f40-1a4a6ad84def_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-nH0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0c20367a-e0e3-4057-8f40-1a4a6ad84def_600x371.png 1456w\" alt=\"\" width=\"496\" height=\"306.6933333333333\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/0c20367a-e0e3-4057-8f40-1a4a6ad84def_600x371.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:371,&quot;width&quot;:600,&quot;resizeWidth&quot;:496,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Moneyview\u2019s <strong>annualised loss rate<\/strong> fell every year, from 7.93% in FY24 to 6.90% by June 2026, even as the industry-wide rate rose over the same period.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!m2a9!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc27e19d4-8978-4097-ad62-658e37b4ad0c_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!m2a9!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc27e19d4-8978-4097-ad62-658e37b4ad0c_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!m2a9!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc27e19d4-8978-4097-ad62-658e37b4ad0c_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!m2a9!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc27e19d4-8978-4097-ad62-658e37b4ad0c_600x371.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!m2a9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc27e19d4-8978-4097-ad62-658e37b4ad0c_600x371.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!m2a9!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc27e19d4-8978-4097-ad62-658e37b4ad0c_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!m2a9!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc27e19d4-8978-4097-ad62-658e37b4ad0c_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!m2a9!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc27e19d4-8978-4097-ad62-658e37b4ad0c_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!m2a9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc27e19d4-8978-4097-ad62-658e37b4ad0c_600x371.png 1456w\" alt=\"\" width=\"482\" height=\"298.0366666666667\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/c27e19d4-8978-4097-ad62-658e37b4ad0c_600x371.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:371,&quot;width&quot;:600,&quot;resizeWidth&quot;:482,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-financial-stuff\">The Financial Stuff<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!DD44!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2d8d2b66-b91a-4823-9b1f-b4d5dbc3e082_1004x1088.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!DD44!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2d8d2b66-b91a-4823-9b1f-b4d5dbc3e082_1004x1088.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!DD44!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2d8d2b66-b91a-4823-9b1f-b4d5dbc3e082_1004x1088.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!DD44!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2d8d2b66-b91a-4823-9b1f-b4d5dbc3e082_1004x1088.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!DD44!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2d8d2b66-b91a-4823-9b1f-b4d5dbc3e082_1004x1088.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!DD44!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2d8d2b66-b91a-4823-9b1f-b4d5dbc3e082_1004x1088.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!DD44!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2d8d2b66-b91a-4823-9b1f-b4d5dbc3e082_1004x1088.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!DD44!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2d8d2b66-b91a-4823-9b1f-b4d5dbc3e082_1004x1088.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!DD44!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2d8d2b66-b91a-4823-9b1f-b4d5dbc3e082_1004x1088.png 1456w\" alt=\"\" width=\"522\" height=\"565.6733067729084\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/2d8d2b66-b91a-4823-9b1f-b4d5dbc3e082_1004x1088.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1088,&quot;width&quot;:1004,&quot;resizeWidth&quot;:522,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li><strong>Total Income <\/strong>grew from \u20b91,389 Cr in FY24 to \u20b93,404 Cr in FY26, a CAGR of ~56%.<\/li>\n<li><strong>Finance Costs <\/strong>rose from \u20b9125 Cr to \u20b9632 Cr, a <strong>5x increase<\/strong>, tracking WFPL taking on more debt. In fact, this is the <strong>fastest-growing cost line <\/strong>for Moneyview.<\/li>\n<li>(Money set aside for) <strong>Impairment of Financial Instruments <\/strong>nearly <strong>quadrupled<\/strong>, from \u20b9253 Cr in FY24 to \u20b9983 Cr in FY26.<\/li>\n<li><strong>Exceptional items <\/strong>of \u20b9207 Cr in FY26 are due to a <strong>one-time CEO incentive <\/strong>of \u20b9160 Cr plus the <strong>cyber fraud loss <\/strong>of \u20b947 Cr.<\/li>\n<li><strong>PAT Margin <\/strong>fell every year, from 12% in FY24 to 10% in FY25 to 7% in FY26. Rising Finance Costs and Impairment ate into the margin faster than Total Income could outrun them, and FY26\u2019s exceptional item made the decline steeper.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"moneyviews-peers-fy26\">Moneyview\u2019s Peers (FY26)<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!nRWX!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13940e5c-d7b1-468a-b602-6ec7c4926514_1208x642.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!nRWX!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13940e5c-d7b1-468a-b602-6ec7c4926514_1208x642.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!nRWX!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13940e5c-d7b1-468a-b602-6ec7c4926514_1208x642.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!nRWX!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13940e5c-d7b1-468a-b602-6ec7c4926514_1208x642.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img fetchpriority=\"high\" decoding=\"async\" class=\"sizing-normal\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!nRWX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13940e5c-d7b1-468a-b602-6ec7c4926514_1208x642.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!nRWX!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13940e5c-d7b1-468a-b602-6ec7c4926514_1208x642.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!nRWX!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13940e5c-d7b1-468a-b602-6ec7c4926514_1208x642.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!nRWX!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13940e5c-d7b1-468a-b602-6ec7c4926514_1208x642.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!nRWX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F13940e5c-d7b1-468a-b602-6ec7c4926514_1208x642.png 1456w\" alt=\"\" width=\"1208\" height=\"642\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/13940e5c-d7b1-468a-b602-6ec7c4926514_1208x642.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:642,&quot;width&quot;:1208,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Moneyview\u2019s <strong>RoNW of 18% <\/strong>is the third-highest of the six, behind OnEMI and Bajaj Finance, and well ahead of PB Fintech and Paytm.<\/li>\n<li>Moneyview\u2019s <strong>7% PAT Margin <\/strong>is the <strong>second-lowest <\/strong>in the set, ahead of only Paytm. That gap exists because FY26 Margin is <strong>dragged down by the one-off CEO incentive <\/strong>and cyber fraud charge.<\/li>\n<li><strong>Scale remains the widest gap.<\/strong> Moneyview\u2019s <strong>\u20b93,404 Cr of Total Income <\/strong>is a fraction of almost all of its listed peers. Only OnEMI, at \u20b92,209 Cr, is smaller than Moneyview.<\/li>\n<\/ul>\n<blockquote><p><em><strong>At an upper band price of \u20b934, with an FY26 EPS of \u20b91.57, Moneyview is trading at a P\/E of 21.66x, while OnEMI trades at a P\/E of 19.1, and Bajaj Finance trades at 30.1x.<\/strong><\/em><\/p><\/blockquote>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"key-risks\">Key Risks<\/h2>\n<ul>\n<li><strong>Gross Stage 3 Loans nearly tripled in two years<\/strong>: from ~1% of Total Gross Loans in FY24 to ~3% in FY26. These are <em>loans overdue by more than 90 days<\/em>, and these keep climbing, provisioning and write-offs would follow.<\/li>\n<li><strong>CEO Incentive Item:<\/strong> The one-time \u20b9160 Cr CEO incentive and a \u20b947 Cr cyber fraud loss together cut FY26\u2019s pre-tax profit by <strong>~\u20b9207 Cr<\/strong>. This may sour some investors\u2019 outlook on the company.<\/li>\n<li><strong>Hit by Cyber Fraud: <\/strong>The cyber fraud exposed a gap in WFPL\u2019s banking API security. Unknown external parties exploited the API to withdraw money from WFPL\u2019s bank account; with minimal amount recovered so far.<\/li>\n<li><strong>AUM is concentrated in South India<\/strong>: The region accounted for ~<strong>37% <\/strong>of <strong>Managed AUM<\/strong> as of June 2026. A regional economic shock or regulatory action concentrated in the south would have an outsized effect on the loan book.<\/li>\n<li><strong>Regulatory scrutiny during IPO process:<\/strong> Since filing its DRHP, Moneyview has received complaints to SEBI and its bankers alleging <strong>violations of RBI\u2019s Digital Lending Directions <\/strong>and <strong>breaches of user privacy <\/strong>during collections.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"ipo-faqs\">IPO FAQs<\/h2>\n<blockquote><p>Q: <strong>What is Moneyview\u2019s price band?<\/strong><\/p>\n<p>A: Moneyview has a price band of \u20b932 to \u20b934<\/p><\/blockquote>\n<blockquote><p>Q: <strong>What is Moneyview\u2019s closing date?<\/strong><\/p>\n<p>A: Moneyview IPO closes on 28th Sep, 2026<\/p><\/blockquote>\n<blockquote><p>Q: <strong>What is Moneyview\u2019s listing date?<\/strong><\/p>\n<p>A: Moneyview lists on 1st Oct, 2026, on the NSE and the BSE<\/p><\/blockquote>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"conclusion\">Conclusion<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<p>Moneyview is the largest full-stack digital lending platform in India by AUM, growing its loan book and income at a fast clip while its per-unit economics and cost ratios have improved every year through FY26. But, Gross Stage 3 loans have climbed sharply, and FY26\u2019s profit carries a massive one-off charge that may raise eyebrows.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Moneyview is opening for IPO. The company runs a fully digital, credit-led platform that connects Middle India borrowers to personal loans, credit cards, insurance and other financial products, from origination to collections, without a single physical branch. IPO Summary Moneyview IPO Details IPO Date 24th to 28th Sep, 2026 Sale Type Fresh Issue + OFS [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":15022,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-15021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Moneyview IPO: Review, Financials, Business &amp; Risks | InCred Money<\/title>\n<meta name=\"description\" content=\"Explore the Moneyview IPO: Review, Financials, Business &amp; Risks | InCred Money, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\" \/>\n<meta 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