Gurugram, 10th August 2023.
MobiKwik, leading digital banking platform, has recorded profitablegrowthinQ1ofFY23-24withanadjustedEBITDAofINR13.6crores-181%increase Y-o-Y. This is the second consecutive quarter when MobiKwik has registered a profitable growth.
ThecompanyregisteredINR177croresinrevenuesinQ1FY23-24,agrowthof68%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.
InQ4FY2022-23MobiKwikgenerated160croresinrevenue,a38%contributionmarginand recordedanadjustedEBITDAofINR3crores.
WithastrongperformanceinFY2022-23.,thecompanyisgearedfora2Xgrowthinthefiscal yeartoanestimatedINR1100coresinFY2023-24.Thecompanyalsoprojectstoearnanetprofit ofINR40to50croresinFY24asperthecurrentprofitabilitypath.
“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,” saidBipinPreetSingh,Co-Founder&CEO,MobiKwik.
MobiKwik ended the financial year 2022-23 with INR 560 crores in revenue and became profitablefromthefourthquarterofthefinancialyear2022-23,anditscontributionmarginrose toINR169.5croresascomparedtoINR42croresinFY2021-22,nearly304%Y-o-Ygrowth.
“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.