Mumbai: Indian payments service provider Mobikwik expects to report full year profits at the end of FY24, as it becomes IPO (initial public offering) ready, co-founder and chief operating officer Upasana Taku said in an interview on Thursday.
Mobikwik (operated by One Mobikwik Systems Pvt Ltd) reported its half-year revenues at ₹385 crore for H1 FY24 and ₹8 crore of profit after tax on Thursday.
“We have grown 58% in revenues over what we did last year at this time. Last year, at this time we were also reporting a loss,” Taku said.
The company reported revenues of ₹560 crore of revenue for full year FY23, and a loss of ₹80 crore.
The payments service provider eventually wants to go public, but has not yet started the process for its IPO this time around as it is trying to assess the sentiment currently. Mobikwik had initially filed for a public listing in late 2021.
“We have a fully independent board. We put up our financials on our website — we report our numbers publicly we don’t need to, we’re not a public company. But we do report them as we are very much aspiring to become a public company,” Taku said.
Mobikwik had initially filed for a public listing in late 2021. It received a regulatory nod but did not proceed with the IPO as planned.
“This time we want to make sure that you know we file it the right time and we do a successful offer. And we are definitely working towards that,” she added.
The company has also expanded its bouquet of products over the last one year.
It is building towards offering a full digital banking experience its customers and merchants.
Earlier this year, Mobikwik launched MobiKwik Lens, which it says is a data-driven tool to provide customers data on their financial health. It has other products arounds loans, insurance, insurance and investments
“We’re thinking of ourselves more and more now as a platform that offers a full digital banking experience to our customers and our merchants, which means it will not be just one or two products, but whatever credit product, investment product, or insurance product-whatever they will need, in their small business or in their personal life-we want to offer all of that,” Taku said.
Taku said that unlike its peers, Mobikwik caters to middle India customers earning between ₹25,000 to ₹50,000.
“The key thing here is that what people don’t appreciate is that most of our peers are actually trying to cater to the top 10 15% of India. The top 100 million users who are in cities, who earn more than 50,000 rupees per month, bank with private banks. We are not trying to go after them. Nearly, 80% of our user base now is in tier 2- tier 4 cities. They are not salaries, but they are self employed and earn between ₹25,000 to ₹50,000 rupees, and don’t have access to any financial product,” she said.
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Updated: 05 Oct 2023, 10:29 PM IST