IPO-bound MobiKwik in the black for FY24 with Rs 14 crore profit
Written by: Planify
Published: 21 August 2024
Updated: 21 August 2024
1 min read
IPO-bound digital payments firm MobiKwik reported a 62 percent increase in operating revenue, reaching Rs 875 crore for the financial year ending March 2024.
In a significant turnaround, the company posted a profit after tax (PAT) of Rs 14.08 crore, compared to a loss of Rs 83.08 crore the previous year.
However, total expenses rose by 36.4 percent to Rs 876 crore, up from Rs 642 crore in FY23, driven by higher costs related to employee benefits, legal fees, advertising, and other overheads.
Co-founder and CFO Upasana Taku attributed the business growth to an expanding user base and increased revenue from the company’s financial services.
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