Financial Insights

MobiKwik posts its first profitable quarterly results in Q3 2021

Fintech company Mobikwik reported its first ever profit in the third quarter of FY 2021-22. The company suffered losses in the first and second quarters but managed to achieve a profitable result in the third as the company views the market to launch its approved IPO.

The company’s IPO was approved last year around the same time as PayTm but the drastic failure of the IPO made the company rethink its launch. The company postponed its IPO and is assumed to launch it sometime soon along with other companies like Delhivery and Pharmeasy.

MobiKwik is a fintech company started in 2009 by Bipin Singh and Upasana Taku. It is one of India’s largest mobile wallets and BNPL players. It also has a gateway subsidiary called Zaakpay while enables online websites and apps to collect payments from their users through various means.

The company recorded a profit of Rs 7 crores in the quarter as the revenue reached nearly Rs 400 crores, achieving an 86% YoY growth. For the period of 9 months ended on December 2021, the company had a loss of 19%, better than the 32% loss last year. The company had a cash burn of Rs 98 crores in FY21. Now the company aims for a revenue of Rs 600 crores by the end of FY22, twice the revenue for last year. They also expect the next quarter to be profitable.

Highlight by Aman Agarwal.

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