MobiKwik continues profitable streak for second quarter in a row

economictimes.indiatimes.com:

Digital payments and financial services company MobiKwik said that it has recorded a profit for the second consecutive quarter this fiscal year, and seen topline growth as it focuses on its credit strategy.
For the quarter ended September 30, 2023, MobiKwik recorded revenues of Rs 208 crore, a 17% jump over the previous quarter. The company posted a total profit of Rs 5 crore for the quarter.

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On a half yearly basis, total revenues for the Gurugram-based startup stood at Rs 385 crore, with total profit at Rs 8 crore.
“We have been contribution-margin positive for the last three to four years, and the reason we were largely unprofitable was because of the disruption caused by covid, especially on the credit side,” said Bipin Preet Singh, cofounder and chief executive, MobiKwik in an interaction with ET. “These profits represent us breaking even and in the future we will see high double-digit profits as our fixed costs should not scale.”
According to Singh, credit now contributes almost 60% of the company’s topline, with the rest coming from digital payments. At the end of FY23, the credit contribution to the topline stood at 51%.

Currently, MobiKwik claims to have a base of 140 million users, with 25% of them (roughly 35 million) being active.
It offers users credit under the Zip franchise and provides personal loans as well as a pay-later option to salaried