Mobikwik reports net profit of Rs 14 crore in FY24, revenue up 62%
Mobikwik reported a net profit of Rs 14 crore in FY24, compared to a loss of Rs 80.6 crore a year ago. Its operational revenue jumped 62% on year to Rs 875 crore from Rs 539 crore in FY23.
The company had reported a net profit in the first half of FY24 as well, and said it plans to maintain its profitable streak and continue showing strong financials.
The company’s lending operational expenses shot up sharply during the year, rising 294% to Rs 270 crore from Rs 68.5 crore in FY23.
Interestingly, its payment processing expenses — core to any payment firm — are now lower at Rs 200 crore. In the last one year, it grew at a slower pace from Rs 148 crore in FY23.
Mobikwik has been focusing on building a larger financial services play with credit and mutual funds being offered along with UPI and mobile wallet payments. As per data from the National Payments Corporation of India, the firm processed around 9.1 million UPI payments in July.
According to business details shared in the draft red herring prospectus filed by Mobikwik in January this year, its new user addition had fallen to around seven million in the first six months of FY2024. It had added 16.3 million new users in FY23.
Mobikwik offers Zip EMI which provides loans between Rs 10,000 and Rs 2 lakh directly into the customer’s bank account. It also offers a buy-now-pay-later option up to Rs 60,000 to its users.
