MobiKwik records Rs 540 crore in revenues in FY22, rising 79% from previous fiscal year
- ByStartupStory | September 2, 2022
MobiKwik, a digital payments company, reported Rs 540 crore in revenue for the fiscal year ending March 31, 2022, an almost 79% rise over the previous year. According to the company’s IPO draft prospectus, the company earned Rs 302.25 crore in sales for the fiscal year ending March 31, 2021. The IPO of MobiKwik was halted due to a wider drop in fintech valuations.
MobiKwik gained approval from India’s market regulator, the Securities and Exchange Board of India (Sebi), to proceed with its Rs 1,900 crore initial public offering (IPO). MobiKwik stated in a prepared statement on Friday that it had a cash burn of Rs 72.5 crore for the year to reach this revenue and that it was earnings before interest, taxes, depreciation, and amortization (EBITDA) was positive in the second half of FY22.
“The most significant achievement was turning Ebdita profitable in the second half, a rarity in the tech business that fits our mentality of maintaining the vanguard of financial innovation while growing quickly yet efficiently.” “With the firm now self-sustaining and momentum building, we are confident of not only meeting our short-term financial targets but also of accomplishing our long-term aim of becoming a full-service neobank,” MobiKwik cofounder Upasana Taku said in a statement on Friday.
According to the corporation, it added around 22 million new users in FY22, bringing its total client base to around 127 million. Furthermore, its digital financial services vertical accounted for 5% of the consolidated gross merchandise value (GMV) and 20% of total revenue in FY22. “As our digital financial services continue to surpass payments GMV, we expect their importance to overall revenue to expand over time,” Taku explained.
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