MobiKwik reports third profitable quarter in a row
The fintech platform has reported a revenue of Rs 208 crores in the July to September period (Q2FY24), 17% over the previous quarter in the same fiscal, with a Profit After Tax (PAT) of Rs 5 crores.
Digital banking platform MobiKwik has registered its third profitable quarter in a row after clocking a 52% growth in revenues over the corresponding period in FY23.
The fintech platform has reported a revenue of Rs 208 crores in the July to September period (Q2FY24), 17% over the previous quarter in the same fiscal, with a Profit After Tax (PAT) of Rs 5 crores. With a 58% increase in revenues compared to the first half of FY23, MobiKwik has scaled its revenues to Rs 385 crores with a PAT of Rs 8 crores in the April to September period of FY24.
In the first quarter of FY24, the fintech reported a 68% growth in revenue at Rs 177 crore, while EBITDA nearly trebled to Rs 13.6 crore. It delivered its first PAT positive quarter with a PAT of Rs 3 crore.
“Our purpose is to make digital banking services accessible to people across demographics pan-India, and we are seeing positive uptake on our platform. The results are evident with another quarter of sustained revenue growth in line with our vision for the year,” said Upasana Taku, Co-Founder & COO, MobiKwik.
MobiKwik plans to file for an Initial public offering (IPO) in the next 12 to 18 months. The company’s IPO plans lapsed in November 2022. It had approval from India's market regulator for its Rs 1,900-crore IPO, which comprised a fresh issue of Rs 1,500 crore and an Offer-for-Sale (OFS) of Rs 400 crore. Sources had then told CNBC-TV18 that Paytm’s disappointing listing and continued underperformance had played a key role in the decision to defer the IPO plans.
MobiKwik is targeting to become a holistic financial services provider, with more revenue from verticals such as credit products, investments, and savings products. The company recently launched Lens, a new feature that aims to provide users with an understanding of their money and aid in financial wellness.
Mobikwik Lens leverages the Account Aggregator technology, which is a data science framework, to make complex financial data digestible and actionable. It also helps users share data across financial institutions in a secure and efficient manner, the company said.
“We continue to develop new products that ensure greater financial inclusion, creating value for users, small businesses, and merchants across new Bharat. We continue to add users to the top of the funnel and provide everyone a more engaging banking experience on the palm of their hands.” Taku added.
(Edited by : Pihu Yadav)
First Published: Oct 5, 2023 2:07 PM IST
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