MobiKwik Becomes The First Indian Fintech To Post Profits

MobiKwik, leading digital banking platform, has recorded profitable growth in Q1 of FY 23-24 with an adjusted EBITDA of Rs 13.6 crores- 181 per cent increase Y-o-Y. This is the second consecutive quarter when MobiKwik has registered profitable growth. The company registered Rs 177 crores in revenues in Q1 FY 23-24, a growth of 68 per cent in the corresponding quarter last fiscal and its contribution margin rose by 108 per cent to Rs 73.9 crores.

MobiKwik becomes the first fintech company in the country to post PAT positive in Q1 of FY 23-24 at Rs 3 crores.

In Q4 FY 2022-23 MobiKwik generated 160 crores in revenue, a 38 per cent contribution margin and recorded an adjusted EBITDA of Rs 3 crores.

With a strong performance in FY 2022-23., the company is geared for a 2X growth in the fiscal year to an estimated Rs 1100 crores in FY 2023-24. The company also projects to earn a net profit of Rs 40 to 50 crores in FY 24 as per the current profitability path. "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 per cent + top line growth for this fiscal year,” said Bipin Preet Singh, Co-Founder & CEO, MobiKwik.

MobiKwik ended the financial year 2022-23 with Rs 560 crores in revenue and became profitable from the fourth quarter of the financial year 2022-23, and its contribution margin rose to Rs 169.5 crores as compared to Rs 42 crores in FY 2021-22, nearly 304 per cent Y-o-Y growth.

"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.