Mobikwik, India’s largest digital wallet, announced its Q2FY25 financial results, marking its first quarterly results post-listing. The company posted a stellar performance driven by the rapid expansion of its payments business.
For the quarter ended September 30, 2024, Mobikwik recorded a total income of ₹293.7 crore, up 42% year-on-year (YoY). The contribution margin for the quarter stood at ₹117.9 crore, up 56.2% YoY. Contribution Margin as a percentage of total income grew to 40%, compared to 37% in Q2FY24 and 31% in Q1FY25. The company also reported an EBITDA of ₹6.8 crore for the quarter, showcasing optimized cost management.
The company reported a loss of Rs 3.59 crore, dropping from a Rs 5.3 crore profit last year in same period.
Platform Growth Highlights:
- User Base Expansion: Mobikwik’s registered user base reached 16.7 crore, with the addition of 60 lakh new users in Q2FY25.
- Merchant Base: The merchant base expanded by approximately 1.4 lakh in Q2FY25, taking the total to 44 lakh.
Payments Business Highlights:
- Payments GMV: Payments Gross Merchandise Value (GMV) for the quarter grew by 267.3% YoY to ₹28,300 crore.
- Payments Revenue: Payments revenue increased by 181.3% YoY to ₹188.7 crore.
- Gross Margin: Payments gross margin stood at 19.2%, demonstrating significant improvement on a QoQ and YoY basis.
Management Commentary:
Upasana Taku, Executive Director, Co-founder, and CFO of Mobikwik, stated, “We are thrilled to announce our first quarterly results post-listing, marking a significant milestone in Mobikwik’s journey. The strong growth in our payments business demonstrates our ability to scale while maintaining robust contribution margins. The company continues to balance growth and profitability by increasing market share and launching innovative products.”
