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IPO-bound mobile payments startup MobiKwik saw its revenue surge 62% to Rs 875 crore in FY24 compared to Rs 539 crore in FY23.

The Gurugram-based startup also bounced back to profitability with a net profit of Rs 14 crore in FY24 as opposed to the Rs 84 crore loss recorded in the previous fiscal year, according to RoC filings.

The fintech company derived its revenue primarily from services, including commission on recharge sales, fees for money transfers, interest income, and processing fees related to loan servicing through lending partners, technology platforms, and payment gateway services. 

MobiKwik’s total expenses stood at Rs 876 crore, up 36% from Rs 642 crore in FY23. Its total income also rose to Rs 890 crore compared to Rs 561 crore the previous year.

Earlier this year, MobiKwik announced plans to raise Rs 700 crore through an initial public offering (IPO), following the re-submission of its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI).

The company said the IPO will consist of a fresh issue of equity shares with no offer-for-sale component and will be conducted via the book-building process. This offering represents a reduced size compared to the Rs 1,900 crore IPO MobiKwik had initially filed for in 2021.

After submitting its DRHP, media reports suggested that MobiKwik secured Rs 50 crore ($6 million) in debt financing via non-convertible debentures from BlackSoil Capital.

In February, the company strengthened its leadership by appointing Mohit Narain as the COO of Consumer Payments. Harvinder Singh Chadha joined Zaakpay, the company’s payment gateway arm, as vice president to focus on merchant acquisition and banking partnerships.

Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik offers various payment and financial services to businesses and merchants, including a B2B payment gateway for ecommerce.

The company has also secured approval from the RBI for its payment aggregator business. As of September 30, 2023, MobiKwik claims to have around 146.94 million registered users.