IPO-bound fintech firm MobiKwik on Friday said its total income jumped 80 per cent to Rs 543 crore in the financial year ended March 2022. The company recorded total revenue of Rs 302.3 crore in 2020-21.
MobiKwik said its contribution margin rose to Rs 145 crore compared to Rs 30 crore in FY 2020-21. The fintech posted an operational profit in the second half of 2021-22. Currently, the firm generates revenue primarily from payments and digital financial services.
"The most significant milestone was turning EBITDA (earnings before interest, taxes, depreciation, and amortisation) 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.
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"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," MobiKwik co-founder Upasana Taku said in the statement.
"Our performance has given us the confidence to accelerate further – the first five months of FY23 has equalled credit disbursals of the entire FY22. In addition, we are also expanding the product portfolio to cater to the diverse needs of our ever-expanding credit-tested users. Our goal is to become the go-to financial app for our users and merchants across Bharat," she added.
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MobiKwik had filed draft papers for IPO in July 2021. It plans to raise Rs 1,500 crore from the IPO and Rs 400 crore from an offer for sale.
Taku said the company would go for listing once the market conditions stabilise. It has permission to hit the market till November 2022.
MobiKwik has raised $35 million (around Rs 279 crore) at the present exchange rate) in FY22. The statement said that its payments platform added 2.2 crore users, taking the total base to around 12.7 crores in FY22.
