MobiKwik, a digital banking platform, presented financial results (unaudited) for the second quarter of the current fiscal year (FY24) on Thursday. Revenues increased by 52% compared to the same quarter in FY23, and PAT profitability continued for the second consecutive quarter.
With a profit after tax (PAT) of Rs 5 crore, the revenues for the July–September quarter were Rs 208 crore, an increase of 17% over the previous quarter in the same fiscal.
MobiKwik grew its revenues to Rs 385 crore with a PAT of Rs 8 crore in H1 FY24, a 58% increase in revenue over the first half of FY23.
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“We are witnessing great uptake on our platform as we work to make digital banking services available to consumers across demographics in India. According to our annual goal, the results are clear with another quarter of consistent revenue growth, stated Upasana Taku, co-founder and COO of MobiKwik.
MobiKwik reported a significant 68 percent annual QoQ revenue growth in Q1 FY24, totaling Rs 177 crore, and produced its first PAT-positive quarter with a PAT of Rs 3 crore.
By offering a digital banking platform to both consumers and companies during Q2FY24, MobiKwik worked to promote financial inclusion throughout India.
On its platform, it introduced MobiKwik Lens, a data-driven tool designed to give users information about their financial health. It combines cutting-edge analytics and AI driven insights enabling them to choose the right bouquet of financial products.
“We continue to develop new products that ensure greater financial inclusion, creating value for users, small businesses, and merchants across new Bharat,” Taku continued.
According to MobiKwik, it is “proactively partnering with NBFCs and banks to provide digital banking services to the bankable middle India population”.
MobiKwik, which was established in 2009 by Bipin Preet Singh and Taku, now has a merchant network of over 4 million and serves over 140 million registered customers nationwide.
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