With INR 5 Cr PAT In Q2 FY24, MobiKwik Proclaims Another Profitable Quarter

Fintech startup Mobikwik has claimed it reported its second profitable quarter in Q2 of the ongoing financial year 2023-24 (FY24), posting a profit after tax (PAT) of INR 5 Cr.

The startup, in a release, said its total revenue rose 17% year-on-year (YoY) to INR 208 Cr during the September quarter. 

The startup claimed its revenue rose 58% YoY to INR 358 Cr in the first half of FY24 (H1 FY24) and PAT for the period stood at INR 8 Cr. 

In August this year, MobiKwik claimed the June quarter of FY24 was its maiden profitable quarter. The startup said its revenue grew 68% YoY to INR 177 Cr in Q1 and PAT stood at INR 3 Cr.

MobiKwik said it worked towards providing a digital banking platform to both individuals and businesses during the second quarter of the year and also launched MobiKwik Lens, a data driven tool that helps with data and financial health. 

“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, cofounder and COO, MobiKwik. 

In FY22, the startup reported a net loss of INR 128.2 Cr, while its operating income rose to INR 526 Cr. 

Founded in 2009 by Bipin Preet Singh and 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 like PhonePe and Google Pay.

Last month, Mukul Saxena, the CEO of MobiKwik’s financial services business, quit to join as CBO of Tata Digital. 

MobiKwik was among the Indian startups that filed their Draft Red Herring Prospectus (DRHP) with the market regulator for an IPO in 2021 but later backtracked due to the market volatility. As per its DRHP, the startup was aiming to raise INR 1,900 Cr via its IPO. 

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