MobiKwik becomes the First Indian Fintech to Post Profits; 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
Bengaluru, NFAPost: MobiKwik, leading digital banking platform, has recorded profitable growth in Q1 of FY23-24 with an adjusted EBITDA of Rs 13.6 crore, registering an year-on-year growth of 181%.
This is the second consecutive quarter when MobiKwik has registered a profitable growth. The company registered Rs 177 crore in revenues in Q1 FY23-24, a growth of 68% in the corresponding quarter last fiscal and its contribution margin rose by 108% to Rs 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 Rs 1100 core 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.
MobiKwik Cofounder & CEO Bipin Preet Singh said in FY 2022-23, the company achieved all the major goals it set for the previous year, and the company’s 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 MobiKwik Cofounder & CEO Bipin Preet Singh.
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.
