MobiKwik, a digital banking platform, stated it has recorded worthwhile development within the first quarter of FY24 with an adjusted EBITDA of ₹13.6 crore, a rise of 181% year-over-year (YoY).
“This is the second consecutive quarter when MobiKwik has registered a profitable growth,” the agency stated in an announcement.
It stated it registered revenues of ₹177 crore in the course of the quarter, a development of 68% YoY.
“With a strong performance in FY23, the company is geared for a two fold [revenue] growth in the fiscal year FY24 to an estimated ₹1,100 core,” stated Bipin Preet Singh, Co-Founder & CEO, MobiKwik in an announcement. “The company also projects to earn a net profit of ₹40 to ₹50 crore in FY24 as per the current profitability path,” he added.
“Our focus for this fiscal is 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,” Mr. Singh stated.
