GURUGRAM, Haryana, India — MobiKwik, a digital banking platform, has announced that it ended FY 2022-23 with USD 68.3 million in revenue and became profitable from Q4 FY 2022-23. Its contribution margin rose to USD 20.7 million as compared to USD 5.1 million in FY 2021-22, nearly 304% Y-o-Y growth. 50% of MobiKwik’s revenue came from the distribution of digital credit products, and the rest came from its payments business.
In Q4 FY 2022-23, MobiKwik generated USD 19.5 million in revenue, a 38% contribution margin and recorded an adjusted EBITDA of USD 0.3 million.
With a strong performance in FY 2022-23, MobiKwik is geared for a 2X growth in the fiscal year from the current USD 68.3 million to an estimated USD 123 million in FY 2023-24. The company also projects to earn a net profit of USD 4.8 to 6 million in FY 24 as per the current profitability path. “In FY23, we achieved all the major goals we set for MobiKwik the previous year, and our vision for FY24 is to achieve profitability in all quarters. We aim to expand our product offerings and cross-sell financial products to deepen engagement with our large user and merchant base, which we have barely scratched the surface of,” said Upasana Taku, Co-Founder & COO, MobiKwik.
In FY 2022-23, MobiKwik also saw 16 million user additions, taking its total user base to 140 million. Its active credit user base also grew a remarkable 100% from 2 million in FY 2021-22 to 4 million in FY 2022-23. “Our focus for the upcoming year is twofold – to increase our presence in tier 3, 4 cities and towns and to start offering financial products to our small merchants. We believe that a lot of India’s digital growth is now coming from small cities, towns and villages, and we want to tap into that potential,” Upasana added.
The digital credit services segment at MobiKwik observed a 239% Y-o-Y growth in GMV on the back of its Zip EMI product. The company also recorded a 62% Y-o-Y growth in AUM in the Investments segment on the back of its Xtra investment product.