MobiKwik turns profitable in FY24 with Rs 14.08 cr profit, revenue up 58.7%

IPO-bound MobiKwik recorded its first full profitable year, reporting a profit after tax (PAT) of Rs 14.08 crore in financial year 2024 (FY24) following a loss of Rs 83.8 crore in FY23.

The Gurugram-based company's revenues rose 58.7 per cent on a year-on-year (Y-o-Y) basis to Rs 890.32 crore.

The fintech company added that it posted a positive Ebitda (Earnings Before Interest, Taxes, Depreciation, and Amortisation) of Rs 37.22 crore in FY24, compared to a loss of Rs 55.92 crore in FY23. This resulted in a positive Ebitda margin of 4.18 per cent.

"We are delighted to have successfully transitioned from losses to full-year profitability. We’ve made a lot of progress in advancing our products and expanding our reach to smaller towns and cities where the country is currently witnessing increased digital growth,” said Upasana Taku, co-founder and chief financial officer (CFO), MobiKwik.

The firm had posted its first-ever consolidated profit of Rs 3 crore during the first quarter of financial year 2024 (Q1 FY24).

“MobiKwik’s aim has been to remain consistent across the fintech space, demonstrating strong financial performance and growth over the years. This consistency is reflected in the company’s ability to increase its total income over the last few years, with a turnaround in key financial metrics such as Ebitda and PAT,” the firm said in a statement.

In an interaction with Business Standard last year, Taku had said that the company was looking to list itself on the bourses after three to four consecutive profitable quarters.

It refiled its draft red herring prospectus (DRHP) in January this year after abandoning its listing plans in 2021 due to weak market conditions.

MobiKwik had a user base of 146.94 million along with 3.81 million merchants for conducting online and offline payments as of September 2023.

“We continue to add users to the top of the funnel and provide everyone with a more engaging financial services experience in the palm of their hands,” Taku added.