Mobikwik Achieves First Full-Year Profit Ahead of IPO

IPO-bound fintech firm Mobikwik has reported a profit of Rs 14.08 crore for FY24, marking its first fully profitable fiscal year. The company saw its total income increase by 58.67% to Rs 890.32 crore. Mobikwik is awaiting regulatory approval for its listing prospectus.

IPO-bound fintech firm Mobikwik has announced a profit of Rs 14.08 crore for FY24, achieving its first fully profitable fiscal year. This marks a significant turnaround from the Rs 83.81 crore loss reported in FY23.

Competing with other fintech giants such as Paytm and PhonePe, Mobikwik has positioned itself as the first among peers to reach profitability. According to co-founder Upasana Taku, the firm has successfully utilized machine learning and data analytics to cross-sell its innovative financial products, contributing to its profitability.

Mobikwik's total income surged by 58.67% to Rs 890.32 crore in FY24. Additionally, it has increased its market share in the wallet business to around 23% as of May, following the shutdown of Paytm's wallet. The company now awaits regulatory approval to proceed with its IPO and aims to list as early as possible.