MobiKwik's Surge Amidst Rising Costs: Navigating Future Growth

Fintech firm One MobiKwik reported a consolidated loss of Rs 55.28 crore in Q3 2024 due to increased payment gateway costs. Despite this, revenues rose by 18%, and payment GMV grew significantly. The company remains optimistic about long-term growth, backed by successful IPO and product innovation.

On Tuesday, fintech company One MobiKwik announced a consolidated quarterly loss of Rs 55.28 crore, primarily driven by rising costs associated with its payment gateway. The firm reported this financial downturn during the third quarter of 2024, compared to a profit of Rs 5.27 crore in the same period last year.

The company's regulatory filing revealed that the payment gateway expenses nearly tripled, climbing to Rs 143.7 crore from Rs 50.83 crore in the December 2023 quarter. Despite these increased expenses, MobiKwik's consolidated operating revenue showed resilience, growing by around 18% to reach Rs 269.47 crore in the latest quarter, a significant rise from Rs 228.93 crore in the previous year.

Further highlighting its growth, MobiKwik's payments gross merchandise value (GMV) multiplied to Rs 29,400 crore while payments revenue more than doubled year on year. Co-founder and CFO Upasana Taku emphasized the company's commitment to product innovation and profitable growth. With an expansive registered user base and an increased merchant presence, MobiKwik stays optimistic despite recent challenges.

(With inputs from agencies.)