MobiKwik reports 52% revenue growth in Q2 FY24, logs strong H1 performance

New Delhi, Oct 5 (IANS) Digital banking platform MobiKwik on Thursday released financial results (unaudited) for the second quarter in the current financial year (FY24) with a 52 per cent growth in revenues over the corresponding period in FY23 and its second consecutive quarter of PAT profitability.

The revenues for the July-September quarter stood at Rs 208 crore, a growth of 17 per cent over the previous quarter in the same fiscal, with a profit after tax (PAT) of Rs 5 crore.

With a 58 per cent increase in revenues compared to the first half in FY23, MobiKwik scaled its revenues to Rs 385 crore with a PAT of Rs 8 crore in H1 FY24.

“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, MobiKwik.

In Q1 FY24, MobiKwik had announced a substantial 68 per cent yearly QoQ growth in revenue, amounting to Rs 177 crore and delivered its first PAT positive quarter with a PAT of Rs 3 crore.

During Q2FY24, MobiKwik worked towards fostering financial inclusion across India by providing a digital banking platform to both individuals and businesses.

It launched MobiKwik Lens, a data-driven tool on its platform, aimed at empowering people with data on their financial health. It combines cutting-edge analytics and AI driven insights enabling them to choose the right bouquet of financial products.

“We continue to develop new products that ensure greater financial inclusion, creating value for users, small businesses, and merchants across new Bharat,” Taku added.

MobiKwik said it is “proactively partnering with NBFCs and banks to provide digital banking services to the bankable middle India population”.

Founded in 2009 by Bipin Preet Singh and Taku, MobiKwik has grown to serve over 140 million registered users across the country, with a merchant network of over 4 million.

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