Mobikwik achieves profitability, expects to almost double revenue to Rs 1,000 cr this fiscal year
By Team Startupcity | Tuesday, 02 May 2023, 09:33 IST
The company's cofounder Upasana Taku, the fintech platform Mobikwik became profitable in the March quarter and anticipates nearly doubling revenue to over Rs 1,000 crore in the current fiscal. The company ended the fiscal year 2022–2023 with a 39% increase in net sales, or Rs 560 crore.
"In 2023's fourth quarter, we recorded a profit. Now, my goal is for every quarter going forward to be profitable. We have roughly cut our cash burn in half. We aim to generate Rs 1,000 crore in sales and Rs 40–50 crore in profit for FY'24," Taku stated. She said that the distribution of digital credit goods generated 50% of the business's revenue, with the remaining 50% coming from payments.
"There are now 4 million active credit users, up from 2 million. Since more than 75% of our users were first to credit customers, we have pay-later products. We were able to quickly test people using "Buy Now Pay Later." We give them loan items after they've used the pay later product, Taku said. The business withdrew its application for a public listing that it made in 2021.
"Our company is very much focused on going public. This year will be used to produce prosperous quarter after profitable quarter. If we see two or three profitable quarters in a row, we will absolutely consider an IPO. We must merely wait and see right now. No tech or internet business should attempt to list on the market, in my opinion, Taku stated.
She said that the business does not require more fundraising because it is adequately funded and has sufficient internal accruals. In December 2021, Mobikwik raised money for the last time at a valuation of about USD 700 million. If we decide to buy enterprises, we might require money, Taku remarked.
Read More News :