IPO-bound One Mobikwik Systems (Mobikwik), a digital financial services platform, on Tuesday, said it has for the first time achieved full-year profit at ₹14.08 crore in 2023-24. This is against net loss of ₹83.81 crore recorded in 2022-23.
The fintech, founded in 2008 by Bipin Preet Singh and Upasana Taku, recorded 58.67 per cent increase in total income in 2023-24 at ₹890.32 crore.
Expanding reach
“We are delighted to have successfully transitioned from losses to full-year profitability. We’ve made a lot of progress in expanding our reach to smaller towns and cities where the country is currently witnessing increased digital growth,” Upasana Taku, Co-founder and CFO, MobiKwik, said.
“Our FY24 performance reflects our strategy of achieving growth while fostering innovation in the fintech space. As we enter the new financial year, our vision is to sustain this growth trajectory by upscaling our products and services.”
Mobikwik had in its second attempt to go public refiled its draft red herring prospectus with SEBI in January this year. This firm is eyeing an IPO mop-up of ₹700 crore.