Fintech firm MobiKwik reports Rs 267.8 crore revenue in Q4FY25; net loss at Rs 56 crore

Gurugram-based fintech platform Mobikwik has reported a steep loss in FY25, swinging from profitability a year earlier, as rising costs and a pullback in its credit business dragged down its financial performance despite solid gains in payments volume.

The company posted a net loss of Rs 56 crore in Q4 FY25, a sharp deterioration from the Rs 67 lakh loss in Q4 FY24, filings show. For the full fiscal year ending March 31, 2025, Mobikwik slipped into the red with a net loss of Rs 121.52 crore, reversing a profit of Rs 14.07 crore in FY24. Total expenses surged 49.1% year-on-year to Rs 1,271.88 crore, outpacing revenue growth, which rose 33.7% to Rs 1,192.5 crore crore.

Payments business surges, but margin pressure persists

The company’s payments business saw its gross merchandise value (GMV) rise 203% year-on-year to Rs 1.16 lakh crore in FY25. Revenue from the segment more than doubled to Rs 767.4 crore from Rs 317.1 crore in the previous fiscal.

Mobikwik attributed this performance to a reduction in user incentives by 62% and a 9% drop in payment gateway costs, which helped deliver a gross margin of 19.7% for the vertical—one of the highest in the sector.

Still, the overall quarterly revenue growth remained muted. In Q4 FY25, Mobikwik’s revenue rose just 1.1% to Rs 267.78 crore, while total expenses shot up 22% to Rs 324.28 crore. A sizable portion of costs was attributed to payment gateway fees, which accounted for over Rs 147 crore, or 45% of total Q4 spending, according to company filings.

Credit business drags, ZIP disbursals plunge

The drag came from Mobikwik’s financial services arm, particularly its short-term credit product, ZIP. ZIP disbursals fell 41% year-on-year, from Rs 9,093 crore in FY24 to Rs 5,358 crore in FY25. ZIP EMI disbursals also declined, falling from Rs 3,023 crore to Rs 2,477 crore.

The downturn followed reduced appetite from lending partners and a strategic move by Mobikwik to pause new user onboarding for ZIP, refocusing instead on longer-tenure ZIP EMI products that offer better risk-adjusted returns. Consequently, financial services revenue dropped 27.8% to Rs 402 crore, from Rs 558 crore in the previous fiscal.

User base and merchant network expand

Mobikwik added 4.45 million users in Q4 alone, bringing its total user base to 176.4 million by March 2025—up 13% year-on-year. The company also onboarded 0.53 million merchants during FY25, increasing its merchant network to 4.59 million, the vast majority of which are offline retailers.

"Our Payments Business has shown remarkable strength, growing threefold year-over-year. Our focus for this year will be to leverage AI as a growth catalyst - to accelerate go-to-market, drive revenue growth, and expand margins through intelligent automation," said Upasana Taku, executive director, co-founder & CFO, One MobiKwik Systems.

Last month, MobiKwik’s payments subsidiary Zaakpay also received RBI approval to operate as a licensed payment aggregator and gateway.