Fintech platform Mobikwik turned worthwhile in the March quarter and expects to nearly double income to over Rs. 1,000 crore in the present fiscal together with full-year profitability, the corporate’s co-founder Upasana Taku mentioned.
The firm closed the 2022-23 monetary 12 months with a 39 % internet income progress at Rs. 560 crore.
“In Q4 (fourth), 2023, we booked profit. Now my aim is that every quarter from now on should be a profitable quarter. We have reduced cash burn by about 40 percent. For FY’24, we want to achieve Rs. 1,000 crore revenue and Rs. 40-50 crore profit,” Taku informed PTI.
She mentioned that fifty % of the corporate’s income got here from the distribution of digital credit score merchandise and the remainder from funds.
“Number of credit active users has gone up from 2 million to 4 million. The reason we have pay-later products is that more than 75 percent of our users were first to credit customers. ‘Buy Now Pay Later’ helped us in testing users in short span of time. After they have used the pay later product, then we give them loan products,” Taku mentioned. The firm has withdrawn its plan to go for public itemizing which it filed in 2021.
“We are a very much IPO focussed company. We will use this year to churn one after another profitable quarter. If we have 2-3 profitable consecutive quarters, then we will definitely look for it (IPO). Right now it’s wait and watch. I don’t think the market is amenable for any tech internet company to go for listing,” Taku mentioned.
She mentioned that the corporate is nicely funded and has adequate inner accruals and therefore doesn’t require further fundraising.
Mobikwik had final raised funds at a valuation of round $700 million (almost Rs. 5,720 crore) in December 2021.
“We may need funds in case we opt for acquiring companies,” Taku mentioned.
