MobiKwik becomes the First Indian Fintech to Post Profits
MobiKwik, a leading digital banking platform, has recorded profitable growth inQ1 ofFY23-24 with an adjusted EBITDA of INR 13.6 crores -181% increase Y-o-Y. This is the second consecutive quarter when MobiKwik has registered profitable growth. The company registered INR177 crores in revenues in Q1FY23-24, a growth of 68% in the corresponding quarter last fiscal and its contribution margin rose by 108% to INR 73.9 crores.
MobiKwik becomes the first fintech in the country to post PAT positive in Q1 of FY23-24 at INR 3 crores.
In Q4 FY2022-23 MobiKwik generated 160 crores in revenue, a 38% contribution margin and recorded an adjusted EBITDA of INR 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 INR 1100 cores in FY2023-24. The company also projects to earn a net profit of INR 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%+ topline growth for this fiscal year,” said Bipin Preet Singh, Co-Founder & CEO, MobiKwik.
MobiKwik ended the financial year 2022-23 with INR 560 crores in revenue and became profitable from the fourth quarter of the financial year 2022-23, and its contribution margin rose to INR 169.5crores compared to INR 42 crores in FY 2021-22, nearly 304%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.
