IPO-bound MobiKwik, an Indian payment service provider founded in 2009, registered a 62 per cent growth in operational revenue in the fiscal year ending March 2024, according to media reports. The fintech also achieved profitability of Rs 14 crore during FY24, recovering from an Rs 84 crore loss in FY23, as per media reports.
MobiKwik’s revenue from operations grew to Rs 875 crore in FY24 from Rs 539 crore in FY23, while income from other sources was Rs 15.3 crore, lower than the Rs 21.6 crore of FY23, according to media reports.
The primary sources of revenue for MobiKwik in FY24 were income from commissions on recharge, processing, and interest income on servicing loans, payment gateways, and technology platforms, as per media reports.
In the last fiscal year (FY24), the company expanded its loan offerings through lending partners, resulting in a 3x increase in its lending operational cost to Rs 270 crore compared to Rs 69 crore in FY23, according to media reports. Its ROCE and EBITDA margins improved to 15.21 per cent and 4.16 per cent respectively, as per media reports.
MobiKwik filed its draft red herring prospectus (DRHP) this January with the market regulator SEBI to raise Rs 700 crore from its IPO, according to media reports. This is the second attempt by MobiKwik to go public, as the Gurugram-based firm filed its first DRHP in July 2021 but later abandoned public listing citing unfavorable market conditions, as per media reports.
However, the firm reported profitability during the first half of FY24, with Rs 9.5 crore profit after tax (PAT) and an operating revenue of Rs 381 crore, according to media reports. The company also raised Rs 50 crore in debt from BlackSoil Capital in pre-IPO funding, as per media reports.
Upasana Taku, Co-founder & CFO, of MobiKwik, said, “Our FY24 performance reflects our strategy of achieving growth while fostering innovation in the fintech space. As we enter the new financial year, our vision is to sustain this growth trajectory by upscaling our products and services”.
MobiKwik is a digital financial services platform that offers payments and financial services. The company continues to develop new products that ensure greater financial inclusion, creating value for consumers, merchants, and other partners. “We continue to add users to the top of the funnel and provide everyone a more engaging financial services experience in the palm of their hands,” Taku added
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