MobiKwik's revenue grows to Rs 560 cr in FY23, gears up for 2X growth
In FY23, MobiKwik also added 16 million users, taking its total user base to 140 million.
Digital banking platform MobiKwik on Wednesday said it clocked Rs 560 crore in revenue in the financial year 2022-23 and became profitable from the fourth quarter of the financial year 2022-23.
The company`s contribution margin rose to Rs 169.5 crore in FY23 as compared to Rs 42 crore in FY22, nearly 304 per cent year-on-year growth.
Fifty per cent of the company`s revenue came from the distribution of digital credit products, and the rest came from its payments business.
In Q4 FY23, MobiKwik generated Rs 160 crore in revenue, a 38 per cent contribution margin and recorded an adjusted EBITDA of Rs 3 crore.
"We aim to expand our product offerings and cross-sell financial products to deepen engagement with our large user and merchant base, which we have barely scratched the surface of," said Upasana Taku, Co-Founder and COO, MobiKwik.
In FY23, MobiKwik also added 16 million users, taking its total user base to 140 million.
Its active credit user base also grew 100 per cent from 2 million in FY22 to 4 million in FY23.
"Our focus for the upcoming year is twofold - to increase our presence in tier 3, 4 cities and towns and to start offering financial products to our small merchants," said Upasana.
Founded in 2009 by Bipin Preet Singh and Taku, MobiKwik has grown to serve over 140 million registered users across the country.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Liquor stock under Rs 300: Can this smallcap scrip double your money in 1-2 years? Check targets by Anil Singhvi
07:32 AM IST