MobiKwik Reports Profit and Revenue Surge in FY24

MobiKwik, the Gurugram-based fintech firm, reported a turnaround to profitability in FY24, achieving a net profit of Rs 14 crore compared to a loss of Rs 84 crore in FY23, with revenues rising 62% to Rs 875 crore. The company attributes this growth to its operational expansion and a focus on financial services for smaller merchants and businesses, as well as the introduction of new lending products. Despite a significant increase in lending operational expenses, MobiKwik managed to control other costs, contributing to improved margins. As part of its growth strategy, MobiKwik plans to expand its financial product offerings, including investing and insurance services for merchants. The company has also refiled its draft red herring prospectus for an IPO, aiming to raise Rs 700 crore, marking its second attempt at going public after previously halting plans in 2021 due to unfavorable market conditions. With a user base of nearly 147 million and a focus on enhancing its payment solutions, MobiKwik is poised for further growth in India's digital finance landscape.