IPO-bound MobiKwik's total income rises 80% in FY22

IPO-bound fintech firm MobiKwik on Friday said its total income jumped 80 per cent to Rs 543 crore in the financial year ended March 2022.

The company had recorded a total income of Rs 302.3 crore in 2020-21.

MobiKwik said its contribution margin rose to Rs 145 crore compared to Rs 30 crore in FY 2020-21 and posted an operational profit in the second half of 2021-22.

"The most significant milestone was turning EBITDA (earnings before interest, taxes, depreciation, and amortisation) profitable in the second half, a rarity in the tech world which reflects our ethos of remaining at the forefront of fintech innovation, growing rapidly but with capital efficiency.

"With business now self-sustaining and the momentum growing, we remain confident of not only achieving our short-term financial goals but also a long-term objective of transforming into a full-service neobank," MobiKwik co-founder Upasana Taku said in the statement.

Currently, the firm generates revenue primarily from two segments -- payments and digital financial services.

"Our performance has given us the confidence to accelerate further  the first five months of FY23 has equalled credit disbursals of the entire FY22.

"In addition, we are also expanding the product portfolio to cater to the diverse needs of our ever-expanding credit-tested users. Our goal is to become the go-to financial app for our users and merchants across Bharat," Taku said.

MobiKwik had filed draft papers for IPO in July 2021.

The company is planning to raise Rs 1,500 crore from the IPO and Rs 400 crore from an offer for sale.

MobiKwik has permission to hit the market till November 2022.

Taku had earlier said it will go for listing once the market conditions become stable.

MobiKwik has raised USD 35 million (around Rs 279 crore at the present exchange rate) in FY22.

Its payments platform added 2.2 crore users taking the total base to around 12.7 crore in FY22, the statement said.