Mobikwik Stays Profitable For The Third Straight Quarter
The company reported a profit of Rs 5 crore in the quarter ended September, compared with Rs 3 crore in the previous quarter.
Mobile wallet operator MobiKwik's revenue and profit rose in the second quarter.
The company reported a profit of Rs 5 crore in the quarter ended September, compared with Rs 3 crore in the previous quarter. This is the company's third consecutive quarter of profitability, it said in a statement.
Revenue surged 52% year-on-year to Rs 208 crore.
“Our purpose is to make digital banking services accessible to people across demographics in 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, co-founder and chief operating officer at MobiKwik.
During the quarter, the Gurugram-based company also launched MobiKwik Lens, a financial advisory tool, on its platform. "We continue to add users to the top of the funnel," Taku said.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik offers digital payment solutions, such as a mobile wallet and a buy-now-pay-later product.
It had also filed for an initial public offering in 2021, amid the listing boom. The plan has yet to materialise.
