Mobikwik delivers a profitable Q1 with 181% increase in adjusted EBITDA
The company has clocked Rs 177 crore in revenues in Q1 FY23-24, a growth of 68 percent in the corresponding quarter last fiscal and its contribution margin rose by 108 percent to Rs 73.9 crore.
Fintech unicorn Mobikwik has registered a profitable growth for the second consecutive quarter. The digital banking platform has recorded a profitable growth in the first quarter of FY24, with an adjusted EBITDA of Rs 13.6 crore, a 181 percent increase (year-on -year).
The company has clocked Rs 177 crore in revenues in Q1 FY23-24, a growth of 68 percent in the corresponding quarter last fiscal and its contribution margin rose by 108 percent to Rs 73.9 crore. In Q4 FY22-23, MobiKwik generated 160 crores in revenue, a 38 percent contribution margin and recorded an adjusted EBITDA of Rs 3 crores.
Mobikwik is now eying a 2X growth to an estimated Rs 1,100 crore in FY23-24. Continuing with its current profitability streak, the unicorn also projects to earn a net profit of Rs 40-Rs 50 crore in FY24.
"In FY 2022-23, we achieved all the major goals we set for MobiKwik the previous year, and our vision for FY 2023-24 is to achieve profitability in all quarters. Q1 has been a good start to the fiscal year. Our numbers are positive in all parameters, be it adjusted EBITDA, EBITDA or PBT. We expect to deliver 80%+ topline growth for this fiscal year,” said Bipin Preet Singh, Co-Founder & CEO, MobiKwik.
In the last quarter of FY23, MobiKwik had generated Rs 160 crore in revenue, with an adjusted EBITDA of Rs 3 crore. The firm ended the FY22-23 with Rs 560 crore in revenue and became profitable from the fourth quarter of the financial year 2022-23.
"Our focus for this fiscal is twofold - to increase our presence in tier 3, 4 cities and towns and to start offering financial products to our small merchants. We believe that a lot of India's digital growth is now coming from small cities, towns and villages, and we want to tap into that potential," Bipin added.
MobiKwik claims to have served over 140 million registered users across the country with a merchant network of over 4 million.
First Published: Aug 8, 2023 5:37 PM IST
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