<?xml version="1.0" encoding="UTF-8"?>
<!--REG30 V1.0 (16-10-2025)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-08-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2025-08-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2025-08-31/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2025-08-31.xsd"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/NSESymbol">MOBIKWIK</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-22</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/NSESymbol">MOBIKWIK</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-22</xbrli:startDate><xbrli:endDate>2026-05-22</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="D_SlumpSaleEntityOrDivision1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/NSESymbol">MOBIKWIK</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-22</xbrli:startDate><xbrli:endDate>2026-05-22</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:SlumpSaleEntityOrDivisionAxis"><in-capmkt:SlumpSaleEntityOrDivisionDomain>SlumpSaleEntityOrDivisionDomain1</in-capmkt:SlumpSaleEntityOrDivisionDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_SlumpSaleEntityOrDivision1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/NSESymbol">MOBIKWIK</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-22</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:SlumpSaleEntityOrDivisionAxis"><in-capmkt:SlumpSaleEntityOrDivisionDomain>SlumpSaleEntityOrDivisionDomain1</in-capmkt:SlumpSaleEntityOrDivisionDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><xbrli:unit id="shares"><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unit><in-capmkt:ScripCode contextRef="OneI">544305</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">ONE MOBIKWIK SYSTEMS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">MOBIKWIK</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE0HLU01028</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Slump Sale</in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="OneI">2026-05-22</in-capmkt:DateOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">13:40:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DateOfReport contextRef="OneI">2026-05-22</in-capmkt:DateOfReport><in-capmkt:NameOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="I_SlumpSaleEntityOrDivision1">Lending Services Provider Business (LSP business)</in-capmkt:NameOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:TypeOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_SlumpSaleEntityOrDivision1">Division</in-capmkt:TypeOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:AreaOfBusinessOfTheSlumpSaleEntities contextRef="I_SlumpSaleEntityOrDivision1">Lending Services Provider Business (LSP business)</in-capmkt:AreaOfBusinessOfTheSlumpSaleEntities><in-capmkt:PreviousYearTurnoverOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_SlumpSaleEntityOrDivision1" unitRef="INR" decimals="-5">2613800000</in-capmkt:PreviousYearTurnoverOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfTurnoverOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_SlumpSaleEntityOrDivision1" unitRef="pure" decimals="INF">0.227</in-capmkt:PreviousYearPercentageOfTurnoverOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearRevenueOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_SlumpSaleEntityOrDivision1" unitRef="INR" decimals="-5">2613800000</in-capmkt:PreviousYearRevenueOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfRevenueOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_SlumpSaleEntityOrDivision1" unitRef="pure" decimals="INF">0.227</in-capmkt:PreviousYearPercentageOfRevenueOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearIncomeOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_SlumpSaleEntityOrDivision1" unitRef="INR" decimals="-5">2613800000</in-capmkt:PreviousYearIncomeOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfIncomeOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_SlumpSaleEntityOrDivision1" unitRef="pure" decimals="INF">0.227</in-capmkt:PreviousYearPercentageOfIncomeOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_SlumpSaleEntityOrDivision1" unitRef="INR" decimals="-5">952200000</in-capmkt:PreviousYearNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_SlumpSaleEntityOrDivision1" unitRef="pure" decimals="INF">0.1694</in-capmkt:PreviousYearPercentageOfNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_SlumpSaleEntityOrDivision1" unitRef="shares" decimals="INF">19748115</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_SlumpSaleEntityOrDivision1" unitRef="pure" decimals="INF">0.2508</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent contextRef="I_SlumpSaleEntityOrDivision1" unitRef="shares" decimals="INF">58982147</in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent contextRef="I_SlumpSaleEntityOrDivision1" unitRef="pure" decimals="INF">0.7492</in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent contextRef="I_SlumpSaleEntityOrDivision1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent contextRef="I_SlumpSaleEntityOrDivision1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent><in-capmkt:TotalNumberOfSharesPreEvent contextRef="I_SlumpSaleEntityOrDivision1" unitRef="shares" decimals="INF">78730262</in-capmkt:TotalNumberOfSharesPreEvent><in-capmkt:TotalPercentageOfSharesPreEvent contextRef="I_SlumpSaleEntityOrDivision1" unitRef="pure" decimals="INF">1</in-capmkt:TotalPercentageOfSharesPreEvent><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_SlumpSaleEntityOrDivision1" unitRef="shares" decimals="INF">19748115</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_SlumpSaleEntityOrDivision1" unitRef="pure" decimals="INF">0.2508</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent contextRef="I_SlumpSaleEntityOrDivision1" unitRef="shares" decimals="INF">58982147</in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent contextRef="I_SlumpSaleEntityOrDivision1" unitRef="pure" decimals="INF">0.7492</in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent contextRef="I_SlumpSaleEntityOrDivision1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent contextRef="I_SlumpSaleEntityOrDivision1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent><in-capmkt:TotalNumberOfSharesPostEvent contextRef="I_SlumpSaleEntityOrDivision1" unitRef="shares" decimals="INF">78730262</in-capmkt:TotalNumberOfSharesPostEvent><in-capmkt:TotalPercentageOfSharesPostEvent contextRef="I_SlumpSaleEntityOrDivision1" unitRef="pure" decimals="INF">1</in-capmkt:TotalPercentageOfSharesPostEvent><in-capmkt:DateOnWhichTheAgreementForSaleHasBeenEnteredIntoForSlumpSaleEvent contextRef="OneI">2026-05-22</in-capmkt:DateOnWhichTheAgreementForSaleHasBeenEnteredIntoForSlumpSaleEvent><in-capmkt:TheExpectedDateOfCompletionOfSlumpSaleEvent contextRef="OneI">2026-09-30</in-capmkt:TheExpectedDateOfCompletionOfSlumpSaleEvent><in-capmkt:NatureOfConsiderationForSlumpSaleEvent contextRef="OneD">Others</in-capmkt:NatureOfConsiderationForSlumpSaleEvent><in-capmkt:DetailsOfConsiderationForSlumpSaleEvent contextRef="OneI">The total consideration for the slump sale to be discharged by way of issuance of Non-Convertible Debentures by MobiKwik Distribution Services Private Limited (formerly known as MobiKwik Credit Private Limited) (‘MDSPL’) to the Company, which shall be based on the book value of assets and liabilities of the LSP business of the Company
determined as on the appointed date of the Proposed Transfer as per the terms and conditions of BTA. 
The appointed date of the Proposed Transfer will be as may be determined by the Board. For reference, the book value of assets and liabilities of the LSP Business of the Company as on 31 March 2026 based on audited financial statements is INR 952.21 million.</in-capmkt:DetailsOfConsiderationForSlumpSaleEvent><in-capmkt:BriefDetailsOfBuyersSlumpSaleEvent contextRef="OneI">The buyer is wholly-owned subsidiary of the
Company i.e MDSPL.
Buyer does not belong to the promoter/ promoter
group.</in-capmkt:BriefDetailsOfBuyersSlumpSaleEvent><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingSlumpSale contextRef="OneD">true</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingSlumpSale><in-capmkt:NatureOfInterestAndDetailsThereofForSlumpSaleEvent contextRef="OneI">The buyer is wholly-owned subsidiary of the
Company i.e MDSPL.</in-capmkt:NatureOfInterestAndDetailsThereofForSlumpSaleEvent><in-capmkt:WhetherSlumpSaleEventWouldFallWithinRelatedPartyTransactions contextRef="OneD">true</in-capmkt:WhetherSlumpSaleEventWouldFallWithinRelatedPartyTransactions><in-capmkt:DateOfBoardMeetingInWhichRPTApprovalTakenForSlumpSaleEvent contextRef="OneI">2026-05-22</in-capmkt:DateOfBoardMeetingInWhichRPTApprovalTakenForSlumpSaleEvent><in-capmkt:WhetherSlumpSaleEventRPTIsMaterial contextRef="OneD">true</in-capmkt:WhetherSlumpSaleEventRPTIsMaterial><in-capmkt:DateOfApprovalOfSlumpSaleEventFromShareholders contextRef="OneI">2026-05-22</in-capmkt:DateOfApprovalOfSlumpSaleEventFromShareholders><in-capmkt:WhetherSlumpSaleEventIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherSlumpSaleEventIsDoneAtArmsLength><in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfAllEntitiesForSlumpSaleEvent contextRef="OneI">There will be no change in the shareholding pattern
of the Company pursuant to the slump sale of the
LSP Business of the Company to its wholly owned
subsidiary i.e., MDSPL.</in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfAllEntitiesForSlumpSaleEvent><in-capmkt:AnyOtherBriefSignificantInformationForSlumpSaleEvent contextRef="OneI">Point No. 1 - In Row 14 of the “Slump Sale” sheet, the date of Board Meeting has been mentioned i.e. 22-05-2026 against the column “Date on which agreement for sale has been entered into”, for validation purposes. However, Business Transfer Agreement (“BTA”)  will be executed in due course. 

Point No. 2 - The completion of the slump sale of LSP Business of the Company shall be subject to prior consent of the shareholders of the Company and customary conditions precedent in accordance with the terms of the Business Transfer Agreement (‘BTA’).
The completion of the sale is expected by the end of the second quarter of FY 2026–27, as determined by the Board. For the validation purpose, the expected date is mentioned as 30-09-2026 in row no.15 of the “Slump Sale” sheet.

Point No. 3 - The said transaction qualifies as a related party transaction and has been carried out on an arm’s-length basis, in line with applicable regulatory provisions. The approval of the  Audit Committee and  Board  pursuant to Section 180(1)(a) of the Companies Act,2013  has been obtained in their respective meetings held on  May 22, 2026, however, the transaction does not require Audit Committee and  shareholders’ approval under Section 188 of the Companies Act, 2013 and Regulation 23 of the SEBI Listing Regulations. Accordingly,in row no. 25 of the “Slump Sale” sheet, the date of the Board Meeting, i.e., 22-05-2026 has been mentioned as the date of passing Special Resolution, for validation purposes only.

Point No. 4 - The shareholding pattern of the Company as shown in row no. 13 is as on May 15, 2026.</in-capmkt:AnyOtherBriefSignificantInformationForSlumpSaleEvent></xbrli:xbrl>
