Madhya Pradesh News Tribune
Buisness

Mobikwik becomes profitable and anticipates almost double revenue this fiscal year to Rs 1,000 crore

According to Upasana Taku, co-founder of the firm, Mobikwik, a fintech platform, became profitable in the March quarter and plans to almost treble sales to over Rs 1,000 crore in the current fiscal.

The firm ended the fiscal year 2022–2023 with a 39% increase in net sales, or Rs 560 crore.

“In 2023's fourth quarter, we recorded a profit. Now, my goal is for every quarter going forward to be profitable. About 40% less cash is being burned now. We want to generate Rs 1,000 crore in sales and Rs 40–50 crore in profit for FY'24, Taku told PTI.

She said that the distribution of digital credit goods generated 50% of the business's income, with the remaining 50% coming from payments.

“There are now 4 million active credit users, up from 2 million. Over 75% of our users were first to credit customers, which is why we offer pay-later products. We were able to quickly test people using “Buy Now Pay Later.” We provide them loan items after they've utilised the pay later product, Taku said.

The business withdrew its application for a public listing that it made in 2021.

“Our firm is very much focused on going public. This year will be used to produce prosperous quarter after profitable quarter. If we see two or three profitable quarters in a row, we will absolutely consider an IPO. We must only wait and see right now. No tech or internet business should attempt to list on the market, in my opinion, Taku stated.

She said that the business does not need more fundraising since it is well financed and has sufficient internal accruals.

In December 2021, Mobikwik received money at a value of over $700 million.

If we decide to buy enterprises, we could require money, Taku remarked.

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