FinTech Startup 'MobiKwik' triumphs 
875 crore revenue & 14 crore profit in FY24
MobiKwik, which was headed for an IPO, had a strong rebound in the fiscal year that ended in March 2024, with a 62% increase in revenue.
After losing 
84 crore in FY23, the fintech company returned to profitability in FY24. That shouldn't affect its chances of going public in any way. According to its consolidated annual financial results sourced from the Registrar of Companies (RoC), MobiKwik's revenue from operations increased to 875 crore in FY24 from 539 crore in FY23.
84 crore in FY23, the fintech company returned to profitability in FY24. That shouldn't affect its chances of going public in any way. According to its consolidated annual financial results sourced from the Registrar of Companies (RoC), MobiKwik's revenue from operations increased to 875 crore in FY24 from 539 crore in FY23.
In FY24, MobiKwik primarily made money from commissions on recharges, processing, and interest on servicing loans, payment gateways, and technologies platforms. The company increased its loan offerings through lending partners in the most recent fiscal year (FY24), resulting in a threefold increase in its lending operational costs to 270 crore, up from 69 crore in FY23.
270 crore, up from 69 crore in FY23.
In FY24, its payment gateway also expanded by 18.4% to 201 crore. The total cost increased by 36.4% to 876 crore in FY24 from 642 crore in FY23 due to overheads such as employee benefits, legal fees, advertising and promotion, technology, and other costs.
201 crore. The total cost increased by 36.4% to 876 crore in FY24 from 642 crore in FY23 due to overheads such as employee benefits, legal fees, advertising and promotion, technology, and other costs.
MobiKwik turned black with 14 crore in the previous fiscal year, compared to 84 crore in losses in FY23, due to a scale increase of more than 60% and controlled spending. It increased its ROCE and EBITDA margins to 15.21% and 4.16 percent, respectively. In FY24, it spent Rs 1 per unit to earn Rs 1. MobiKwik filed its draft red herring prospectus (DRHP) with SEBI in January of this year to raise Rs 700 million from its initial public offering (IPO).
14 crore in the previous fiscal year, compared to 84 crore in losses in FY23, due to a scale increase of more than 60% and controlled spending. It increased its ROCE and EBITDA margins to 15.21% and 4.16 percent, respectively. In FY24, it spent Rs 1 per unit to earn Rs 1. MobiKwik filed its draft red herring prospectus (DRHP) with SEBI in January of this year to raise Rs 700 million from its initial public offering (IPO).
Additionally, the business reported profitability in the first half of FY24, with operating revenue of 381 crore and a PAT of 9.5 crore. MobiKwik has made two attempts to go public: in July 2021, the company with its headquarters in Gurugram filed its first DRHP. However, the company later pulled out of the public listing because of bad market conditions. It's important to point out that the company wants to raise less than half of what it wanted from its previous public offering.
381 crore and a PAT of 9.5 crore. MobiKwik has made two attempts to go public: in July 2021, the company with its headquarters in Gurugram filed its first DRHP. However, the company later pulled out of the public listing because of bad market conditions. It's important to point out that the company wants to raise less than half of what it wanted from its previous public offering.
The business also borrowed 50 crore, or $6 million, from BlackSoil Capital after submitting DRHP. MobiKwik has done well to reach profitability well ahead of Paytm, despite being overshadowed by Paytm and its illustrious investors. The company has frequently sought to travel alone, remaining focused on its core offerings even as competitors entered multiple markets. It now has a legacy and a strong balance sheet to build on, and the founders are still committed to the company's future, so it appears well prepared for this.
50 crore, or $6 million, from BlackSoil Capital after submitting DRHP. MobiKwik has done well to reach profitability well ahead of Paytm, despite being overshadowed by Paytm and its illustrious investors. The company has frequently sought to travel alone, remaining focused on its core offerings even as competitors entered multiple markets. It now has a legacy and a strong balance sheet to build on, and the founders are still committed to the company's future, so it appears well prepared for this. 
