MobiKwik posts profitable Q1 of FY23-24 making it two in a row
Records 181% growth Y-o-Y in adjusted EBITDA at INR 13.6 crores
Registers 68% Y-o-Y growth in revenues in Q1 of FY2023-24 at Rs 177 crores
Geared for 2X growth in the current fiscal year to an estimated INR 1100 crores in revenue
MobiKwik, leading digital banking platform, has recorded profitable growth in Q1 of FY23-24 with an adjusted EBITDA of INR 13.6 crores - 181% increase Y-o-Y. This is the second consecutive quarter when MobiKwik has registered a profitable growth. The company registered INR 177 crores in revenues in Q1 FY23-24, 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 FY 2022-23 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 FY 2023-24. 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 169.5 crores as 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.
MobiKwik is a digital banking platform that offers a comprehensive suite of financial products for both consumers and merchants. Our products range from payments to digital credit and investments, enabling our users to meet their financial needs seamlessly. Our mission is to empower millions of people with access to affordable and convenient financial services, regardless of location or income level.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik has grown to serve over 140 million registered users across India. With a merchant network of over 4 million, MobiKwik is one of the most trusted and widely used digital banking platforms in India.
We are currently in a new phase of innovation at MobiKwik, as we work towards our goal of building a world-class digital banking platform for Bharat.