Fintech startup released its unaudited Q2FY24 results today, showing a 52% growth in revenue compared to the corresponding period in FY23. This marks the second consecutive quarter where the company has achieved PAT (profit after tax) profitability this fiscal.
MobiKwik reported revenue of Rs 208 crore for the quarter, reflecting a 17% growth quarter-on-quarter. The PAT for Q2 FY24 stood at Rs 5 crore.
The company also reported a 58% rise in revenue compared to H1 FY23. MobiKwik’s revenue increased to Rs 385 crore with a PAT of Rs 8 crore in H1 FY24.
“Our purpose is to make digital banking services accessible to people across demographics pan-India, and we are seeing positive uptake on our platform. The results are evident with another quarter of sustained revenue growth in line with our vision for the year,” said Upasana Taku, Co-founder and COO, MobiKwik, in a statement.
During Q1 FY24, MobiKwik reported a 68% yearly Q-o-Q growth in revenue, totalling Rs 177 crore. This quarter marked a significant milestone, with the company achieving its first PAT positive quarter with a PAT of Rs 3 crore.
As for product updates, the company said it launched a data-driven tool called MobiKwik Lens, which aims to help users with data on their financial health. The tool is built on analytics and AI-driven insights which enables them to choose the right kind of financial products.
“We continue to develop new products that ensure greater financial inclusion, creating value for users, small businesses, and merchants across new Bharat,” Upasana added.
The digital platform is actively partnering with NBFCs and banks to provide digital banking services.
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Established in 2009 by Bipin Preet Singh and Taku, MobiKwik is a fintech platform that offers a wide range of financial products for consumers and merchants, spanning payments, digital credit, and investments.
Currently, the company serves over 140 million registered users throughout India. It has four million merchants on its platform.
Edited by Affirunisa Kankudti
