IPO-bound fintech firm’s net income MobiKwik 80% has jumped 543 crore in the financial year ended March 2022, the company was quoted as saying by news agency PTI. The company recorded total income of 302.3 crore in FY 2011.
In an official statement, MobiKwik said that its contribution margin has increased 145 crores as compared to 30 crore in the financial year 2020-21.
MobiKwik said its contribution margin increased 145 crore in the financial year 2021-22, as compared to 30 crore in FY 2020-21, and posted an operating profit in the second half of 2021-22.
Upasana Taku, Co-Founder, MobiKwik, said, “The most important milestone was to turn EBITDA (earnings before interest, taxes, depreciation and amortization) profitable in the second half, which is a rarity in the tech world that is at the forefront. Reflects our ethos of living. Fintech innovation, growing rapidly but with capital efficiencies.”
She said that the company is confident not only to achieve short-term financial goals but also for the long-term objective of turning into a full-service Neobank as the business is now self-sustaining and is gaining momentum.
Teathat fintech firm Currently generating revenue mainly from two segments, i.e. Payments and Digital Financial Services.
Taku said the company’s performance has given it confidence to accelerate further — the first five months of FY13 have equalized credit disbursements for the full FY2012.
She said that the company aims to be the financial app for its users and merchants across the country, for which it is expanding the product portfolio to meet the diverse needs of its credit-tested users.
MobiKwik also filed draft papers for the IPO in July 2021 1,500 crore and 400 crores from the offer of sale. It is allowed to hit the market by November 2022.
(with PTI inputs)
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