IPO-Bound Mobikwik Turns Profitable In FY24

Mobikwik is back in black in the financial year-ended March 2024, as the payments major seeks to launch its initial public offering soon.

The IPO-Bound fintech posted a profit of Rs 14.1 crore compared to a loss of Rs 83.8 crore in the fiscal 2022-23, according to audited financials filed with the MCA.

The company posted a revenue from operations of Rs 875 crore in FY24, versus Rs 540 crore in the fiscal2023. The improved performance came with a better Ebitda profit of Rs 37.2 crore, compared to a Ebitda loss of Rs 55.9 crore.

"We are delighted to have successfully transitioned from losses to full-year profitability. We’ve made a lot of progress in advancing our products and expanding our reach to smaller towns and cities where the country is currently witnessing increased digital growth," said Upasana Taku, co-founder and CFO of MobiKwik, adding that the performance came at the back of a growing user base and revenue from the financial services business.

“We continue to add users to the top of the funnel and provide everyone a more engaging financial services experience in the palm of their hands,” Taku added.