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Business News/ Companies / News/  IPO-bound Mobikwik becomes profitable in Q3

IPO-bound Mobikwik becomes profitable in Q3

Mobikwik expects to be closing the year at ₹550-600 crore, which is two times of its last financial year

Photo: iStockPremium
Photo: iStock

Mobikwik became profitable in the December 2021 quarter (Q3) and expects to close the current financial year with almost two times growth in revenue, its co-founder and Chief Operating Officer Upasana Taku told news agency PTI.

The company recorded profit of around 7 crore in the third quarter of 2021-22, after losing money in the first and second quarters, Taku said. “In the last quarter, the company achieved profitability for the first time. We expect to be profitable in the fourth quarter as well. We expect our full financial year (FY) of 2022-23 to be profitable."

Given this, the IPO-bound fintech firm expects to be closing the year at 550-600 crore which is two times of its last financial year. For the nine-month period ended December 31, 2021, Taku said the company has achieved revenue of around 400 crore, which is 86 per cent growth on a year-on-year basis.

"To reach this 400 crore we have overall losses of 78 crore for the nine month period, which is negative 19%. This is a massive improvement from negative 32 per cent to 19% for the nine month period," she added.

In another interview to PTI last year Taku had said the company's initial public offer (IPO) is a monumental opportunity for the company and will not like to hit the market when it is behaving erratically but wait for the market condition to stabilise.

The company in its draft document for IPO mentioned that it was hit by the Covid-19 pandemic and the BNPL (Buy Now Pay Later) segment gross merchandise value had decreased by 38% in 2020-21.

(With inputs from PTI)

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Published: 09 Mar 2022, 01:54 PM IST
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