Fintech startup MobiKwik has reported its unaudited Q2FY24 results, revealing a 52% growth in revenue compared to the same period in FY23. This marks the second consecutive quarter in which the company has achieved profit after tax (PAT) profitability during this fiscal year. MobiKwik’s revenue for the quarter reached Rs 208 crore, showing a 17% growth quarter-on-quarter, with a PAT of Rs 5 crore.
For H1 FY24, MobiKwik reported a 58% rise in revenue compared to H1 FY23, reaching Rs 385 crore, with a PAT of Rs 8 crore. The company has been actively working on making digital banking services accessible across demographics in India.
“Our purpose is to make digital banking services accessible to people across demographics pan-India, and we are seeing positive uptake on our platform. The results are evident with another quarter of sustained revenue growth in line with our vision for the year,” said Upasana Taku, Co-founder and COO of MobiKwik.
During Q1 FY24, MobiKwik reported a 68% yearly quarter-on-quarter growth in revenue, totaling Rs 177 crore. This quarter marked a significant milestone as the company achieved its first PAT positive quarter with a PAT of Rs 3 crore.
MobiKwik has been actively introducing new products to promote financial inclusion and offer users the right kind of financial products. They recently launched MobiKwik Lens, a data-driven tool built on analytics and AI-driven insights to help users with their financial health.
“We continue to develop new products that ensure greater financial inclusion, creating value for users, small businesses, and merchants across new Bharat,” Upasana added. The digital platform is actively partnering with NBFCs and banks to provide digital banking services.
