The fintech unicorn has announced a net profit of INR 3 Cr and an adjusted EBITDA of INR 13.6 Cr for Q1 FY24
The company said its revenue during the quarter jumped 68% year-on-year (YoY) to INR 177 Cr and its contribution margin rose 108% YoY to INR 73.9 Cr
For the current fiscal (FY24), the startup expects to deliver over 80% top line growth with a net profit of INR 40 Cr-INR 50 Cr
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MobiKwik has claimed to emerge net profitable in the first quarter (Q1) of the current financial (FY24). The fintech unicorn on Tuesday announced a profit after tax (PAT) of INR 3 Cr and an adjusted EBITDA of INR 13.6 Cr for Q1 FY24. Its adjusted EBITDA stood at INR 3 Cr in Q4 FY23.
“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,” said Bipin Preet Singh, the cofounder and CEO of MobiKwik.
The company added that its revenue during the quarter (Q1) jumped 68% year-on-year (YoY) to INR 177 Cr and its contribution margin rose 108% YoY to INR 73.9 Cr. MobiKwik generated INR 160 Cr in revenue in Q4 last fiscal.
While the startup is yet to file its FY23 financial statements, it has claimed to have ended FY23 with INR 560 Cr in revenue. The company said that its contribution margin rose to INR 169.5 Cr during the year from INR 42 Cr in FY22.
In FY22, MobiKwik reported a net loss of 128.2 Cr and revenue of INR 526.5 Cr, up 1.8X YoY.
For the current fiscal (FY24), the startup expects to deliver over 80% top line growth with a net profit of INR 40 Cr-INR 50 Cr.
“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,” Singh added.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik is a digital banking platform that offers a suite of financial products for both consumers and merchants. Its products range from payments, and digital credit to investments. The startup joined the unicorn club in October 2021.
In the country’s fintech space, the startup rivals the likes of Paytm, Freecharge, and Simpl, along with giants PhonePe and Google Pay.
MobiKwik’s profitability update comes at a time when most tech startups, which were reporting mounting losses since inception, have aggressively started chasing profitability.
Recently, ecommerce unicorn Meesho claimed to have turned net profitable in July 2023. Similarly, IPO-bound OYO told its employees last month it turned adjusted EBITDA profitable in Q1 FY24.
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