Moneyview keeps 74.7% of Q2’FY27 managed AUM off book

Moneyview kept 74.7% of its ₹23,892 crore managed assets under management (AUM) off book in Q2’FY27, leaving ₹6,036 crore on the balance sheet of its non-banking financial company (NBFC) subsidiary. The mix was nearly unchanged from 74.9% in Q2’FY26, while managed AUM increased 28.4% year on year.

How does Moneyview’s hybrid capital model work?

Moneyview’s hybrid model combines a lending service provider (LSP) business, which accounted for 75% of AUM off book in its model description, with its own NBFC, which accounted for the remaining 25% on book. Moneyview says the LSP business earns fees for loan origination and servicing, while partner integrations support growth with minimal equity requirement.

Moneyview says its own NBFC gives lending partners skin in the game and provides access to diversified sources of capital. The presentation also identifies redeployment of profits and improvement in cost of capital as NBFC-model benefits, linking the 25% on-book component to the funding structure as well as to the balance-sheet loan pool.

The latest quarterly split was 74.7% off book in Q2’FY27, compared with 74.9% in both Q1’FY27 and Q2’FY26. The 0.2 percentage-point reduction from the earlier periods means the reported mix remained largely stable even as total managed AUM increased by ₹5,289 crore over 12 months.

How quickly did Moneyview’s managed and on-book AUM grow?

Moneyview’s managed AUM reached ₹23,892 crore in Q2’FY27, up 28.4% year on year and 6.1% quarter on quarter. On-book AUM grew slightly faster than the managed total over the same comparisons, rising 29.1% year on year and 6.7% quarter on quarter to ₹6,036 crore.

From Q2’FY26 to Q2’FY27, managed AUM increased by ₹5,289 crore, while the NBFC’s on-book AUM increased by ₹1,361 crore. From Q1’FY27 to Q2’FY27, managed AUM added ₹1,372 crore and on-book AUM added ₹379 crore. The off-book share nevertheless stayed close to three quarters because both pools expanded over the disclosed periods.

Moneyview also reported ₹7,701 crore of loan disbursals in Q2’FY27, compared with ₹5,449 crore in Q2’FY26 and ₹7,152 crore in Q1’FY27. Disbursals therefore increased 41.3% year on year and 7.7% quarter on quarter, exceeding the stated 28.4% year-on-year managed-AUM growth rate in the same quarterly comparison.

How is Moneyview’s NBFC funded?

Moneyview’s NBFC subsidiary, Whizdm Finance Private Limited, had a borrowing profile led by non-convertible debentures at 55%, followed by term loans at 29%. Pass-through certificates represented 11% and commercial papers represented 5% of the disclosed borrowing profile.

The average cost of borrowings was 14.1% in Q2’FY27, down from 14.9% in Q2’FY26, a reduction of 0.8 percentage points. Moneyview defines this measure as annualised finance costs for the relevant period divided by the average of opening and closing borrowings for that period.

Whizdm Finance Private Limited had an A-/Positive Outlook credit rating by India Ratings in the presentation. Its on-book AUM was ₹6,036 crore in Q2’FY27, compared with ₹5,657 crore in Q1’FY27, so the disclosed borrowing mix and lower average borrowing cost accompanied a ₹379 crore quarterly increase in the NBFC loan book.

What operating measures accompany Moneyview’s lending scale?

Moneyview reported operating expense at 34.5% of total income in Q2’FY27, down from 38.4% in Q2’FY26 and 35.9% in Q1’FY27. The company described this as a 10.1% year-on-year and 3.9% quarter-on-quarter operating-expense improvement, while stating that more than 50% of employees work in technology and data roles.

The presentation attributes parts of this operating model to its in-house technology platform, built over 12 years, and to artificial intelligence (AI) across development, product journeys, collections and support. Moneyview said 80% of code was written and tested with AI assistance, 67% of collection calls were handled by AI voice bots, and 78% of customer queries were resolved by AI at one-third of the turnaround time.

Credit and collection indicators improved over the disclosed periods. Gross non-performing assets, or GNPA, were 2.42% in Sep’26, down from 2.65% in Sep’25 and 2.44% in Jun’26; collection efficiency was 98.64% in Sep’26, versus 98.27% in Sep’25 and 98.61% in Jun’26. Moneyview links those measures to in-house machine-learning underwriting, payment-intent modelling and risk-segmented collections.

Conclusion

Moneyview’s Q2’FY27 figures show a lending structure in which ₹23,892 crore of managed AUM is predominantly off book, while a ₹6,036 crore NBFC portfolio provides an on-book presence and a platform for diversified borrowings. Managed AUM, on-book AUM and disbursals all increased from Q2’FY26, while the off-book proportion remained near 75% and the reported average borrowing cost fell to 14.1%.

The presentation does not disclose a future AUM target, funding target or scheduled financing event. The next quarterly disclosures will therefore clarify whether the 74.7% off-book mix remains near its reported level as managed AUM grows, and whether the reduction in average borrowing cost from 14.9% to 14.1% is sustained.