Mobikwik to be profitable in FY24, cofounder says

livemint.com:

Mumbai: Indian payments service provider Mobikwik expects to report full year profits at the end of FY24, as it becomes IPO (initial public offering) ready, co-founder and chief operating officer Upasana Taku said in an interview on Thursday. Mobikwik (operated by One Mobikwik Systems Pvt Ltd) reported its half-year revenues at ₹385 crore for H1 FY24 and ₹8 crore of profit after tax on Thursday. “We have grown 58% in revenues over what we did last year at this time.

Last year, at this time we were also reporting a loss," Taku said. The company reported revenues of ₹560 crore of revenue for full year FY23, and a loss of ₹80 crore. The payments service provider eventually wants to go public, but has not yet started the process for its IPO this time around as it is trying to assess the sentiment currently.

Mobikwik had initially filed for a public listing in late 2021. "We have a fully independent board. We put up our financials on our website -- we report our numbers publicly we don't need to, we're not a public company.

But we do report them as we are very much aspiring to become a public company," Taku said. Mobikwik had initially filed for a public listing in late 2021. It received a regulatory nod but did not proceed with the IPO as planned.

“This time we want to make sure that you know we file it the right time and we do a successful offer. And we are definitely working towards that," she added. The company has also expanded its bouquet of products over the last one year.

It is building towards offering a full digital banking experience its customers and merchants. Earlier this year, Mobikwik launched MobiKwik Lens, which it says is a data-driven tool to provide customers data on their financial health. It has other