Fintech startup MobiKwik has marked a significant milestone in its financial journey by declaring its second profitable quarter in the ongoing fiscal year 2023-24 (FY24). The company reported a Profit After Tax (PAT) of INR 5 crore in the second quarter (Q2) of FY24, reflecting its ability to sustain profitability in a competitive fintech landscape.
MobiKwik had previously announced its maiden profitable quarter in the first quarter (Q1) of FY24, with a PAT of INR 3 crore. This continued profitability underscores the company's commitment to sound financial management and operational efficiency.
One of the key drivers of MobiKwik's financial success has been its robust revenue growth. In the September quarter, the startup recorded a total revenue of INR 208 crore, marking an impressive 17% year-on-year (YoY) increase. This growth in revenue signifies the company's ability to generate consistent income and capitalize on the evolving financial needs of its user base.
Looking beyond the quarterly performance, MobiKwik's financial performance in the first half (H1) of FY24 is noteworthy. The company reported a substantial 58% YoY growth in revenue, reaching INR 358 crore during this period. Additionally, the PAT for H1 FY24 stood at INR 8 crore, highlighting the startup's ability to maintain profitability while scaling its operations.
MobiKwik's success can be attributed to its diversified portfolio of financial products and services, including digital wallets, payments, lending, and insurance. The company has continuously adapted to the changing fintech landscape, offering innovative solutions to meet the financial needs of its customers.
This achievement comes at a time when the fintech sector in India is experiencing rapid growth, driven by digital transformation and changing consumer behavior. MobiKwik's ability to thrive in this dynamic environment and deliver consistent profits positions it as a significant player in the fintech space.
MobiKwik's declaration of its second profitable quarter, along with impressive revenue growth in H1 FY24, reflects the company's resilience and ability to navigate the evolving fintech landscape successfully. As it continues to innovate and expand its offerings, MobiKwik remains poised to play a pivotal role in shaping the future of digital finance in India.
