MobiKwik Reports INR 14.08 Cr Profit and INR 890.32 Cr Income in FY24

Gurugram, 22nd August 2024: MobiKwik (ONE MOBIKWIK SYSTEMS LIMITED), one of India’s leading digital financial services platforms, has announced a significant financial milestone by achieving a full-year profit for FY24. The company reported a Profit After Tax (PAT) of INR 14.08 crore and a total income of INR 890.32 crore, marking a 58.67% increase compared to the previous year.

This achievement underscores MobiKwik’s focus on sustainable growth and profitability. The company saw a remarkable turnaround, with its EBITDA rising to INR 37.22 crore in FY24, compared to a loss of INR 55.92 crore in FY23, resulting in a positive EBITDA margin of 4.18%. The PAT also improved significantly, reversing a loss of INR 83.81 crore in FY23.

MobiKwik’s consistent performance in the fintech sector is highlighted by its ability to increase total income while improving key financial metrics. The company attributes its success to the expansion of its user base and revenue growth in its financial services segment, particularly in smaller towns and cities where digital adoption is on the rise.

“We are thrilled to have transitioned from losses to full-year profitability,” said Upasana Taku, Co-founder & CFO of MobiKwik. “Our growth this year was driven by product advancements and expanding our reach. As we move forward, our goal is to maintain this growth by further enhancing our offerings.”