MobiKwik’s stock surged 4% ahead of its Q2 results announcement today, signaling strong investor confidence. In FY24, the company reported a consolidated revenue of ₹875 crore, marking a 62% year-on-year growth. It also turned profitable with a net profit of ₹14 crore, reversing an ₹84 crore loss in FY23.
Founded in 2008, MobiKwik operates India’s largest dual-sided payments platform, serving over 161 million users and 4.26 million merchants by June 2024. With a 23.11% market share in the PPI wallet segment, the company is a leader in digital payments, credit, and investment services.
MobiKwik’s ₹572 crore IPO saw a massive subscription of 119 times, reflecting robust investor interest. The funds raised will be used for expanding financial services, advancing AI/ML capabilities, and upgrading payment infrastructure, positioning MobiKwik for continued growth in the digital payments space.
MobiKwik shares opened at ₹565.10, reaching a high of ₹600.90 and a low of ₹563.05 on the day. The stock’s 52-week high stands at ₹698.30, while its 52-week low is ₹440.00, reflecting the stock’s recent volatility. As of 9:43 AM, shares were trading 3.69% higher at Rs 581.80.
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