MobiKwik records Rs 540 crore in revenues in FY22, up 79% from last fiscal

MobiKwik records Rs 540 crore in revenues in FY22, up 79% from last fiscal
Digital payments firm MobiKwik said it has clocked Rs 540 crore in revenues for financial year ending March 31, 2022, almost a 79% increase from the previous fiscal.
According to the company’s IPO draft prospectus, the company had recorded an overall revenue of Rs 302.25 crore, for the year ending March 31, 2021. Mobikwik’s IPO was stalled amid a larger correction in fintech valuations. MobiKwik had received the nod from the markets regulator Securities and Exchange Board of India (Sebi) to go ahead with its Rs 1,900 crore initial public offering (IPO).
In a prepared statement on Friday, MobiKwik said that it incurred a cash burn of Rs 72.5 crore for the year to achieve this revenue, and that it was earnings before interest, taxes, depreciation, and amortization (EBITDA) positive in the second half of FY22.
The company did not disclose its overall profit or loss figures for financial year. The company had reported a loss of Rs 111.3 crore for FY21, according to its draft prospectus.
" The most significant milestone was turning Ebdita profitable in the second half, a rarity in the tech world which reflects our ethos of remaining at the forefront of fintech innovation, growing rapidly but with capital efficiency. With business now self-sustaining and the momentum growing, we remain confident of not only achieving our short-term financial goals but also a long-term objective of transforming into a full-service neobank," said Upasana Taku, cofounder, MobiKwik, in a statement on Friday.
Currently, the firm generates revenue primarily from two segments: payments and digital financial services. According to the company, it saw close to 22 million new user additions in FY22, taking its total base of customers to roughly 127 million. Further, its digital financial services vertical constituted 5% of the FY22 consolidated gross merchandise value (GMV) and 20% of the overall revenue.
“As our digital financial services continue to outpace payments GMV, we expect its salience to overall revenue to only grow with time," said Taku. Recently, the Reserve Bank of India (RBI) reportedly rejected MobiKwik's application to operate Zaakpay, its payment gateway service, as a payment aggregator.