MobiKwik, a digital payments company, reported Rs 540 crore in revenue for the fiscal year ending March 31, 2022, a nearly 79% increase from the previous fiscal.
According to the company’s IPO draft prospectus, the company earned Rs 302.25 crore in revenue for the fiscal year ending March 31, 2021. The IPO of Mobikwik was stalled due to a larger correction in fintech valuations.
MobiKwik received approval from India’s market regulator, the Securities and Exchange Board of India (Sebi), to proceed with its Rs 1,900 crore initial public offering (IPO).
MobiKwik said in a prepared statement on Friday that it had a cash burn of Rs 72.5 crore for the year to achieve this revenue and that it was earnings before interest, taxes, depreciation, and amortization (EBITDA) was positive in the second half of FY22.
The company did not disclose its financial year’s overall profit or loss figures. According to its draft prospectus, the company had reported a loss of Rs 111.3 crore for FY21.
“The most significant milestone was turning Ebdita 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,” said Upasana Taku, co-founder, MobiKwik, in a statement on Friday.
Currently, the company’s revenue is primarily generated by payments and digital financial services.
The company added nearly 22 million new users in FY22, bringing its total customer base to around 127 million.
Additionally, its digital financial services vertical accounted for 5% of the consolidated gross merchandise value (GMV) and 20% of total revenue in FY22.
“As our digital financial services continue to outpace payments GMV, we expect its salience to overall revenue to only grow with time,” said Taku.