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MobiKwik co-founder Bipin Preet Singh
MobiKwik, a Gurugram-based fintech firm listed on both NSE and BSE, has announced its financial results for the quarter ended December 31, 2024 (Q3 FY25), reporting revenue of Rs 269 crore and a net loss of Rs 55 crore.
This performance marks a significant shift from the same period last year when the company posted a profit of Rs 5 crore.
Quarterly revenue and profitability
MobiKwik’s consolidated revenue in Q3 FY25 rose by 17.5% year-on-year, moving up from Rs 229 crore to Rs 269 crore. However, revenue declined by 7.6% compared to Rs 291 crore in Q2FY25.
The company attributes its primary earnings in this quarter to commissions on recharges, loan servicing, and technology platforms.
Total expenses increased significantly, rising by 44.1% year-on-year to Rs 317 crore. The largest cost was payment gateway expenses, which represented nearly half of the overall spending at Rs 144 crore. Human resource costs and lending fees also contributed, leading to a net loss of Rs 55 crore for the quarter.
Growth in payments GMV and user base
Company filings show that MobiKwik’s payments gross merchandise value (GMV) surged by more than 200% year-on-year in Q3 FY25 to reach Rs 29,400 crore, reflecting steady growth in merchant transactions and end-user adoption.
The company says it has about 4.5 million merchants on its platform, and during this quarter, it added around 110,000 new merchants.
MobiKwik also reported it now serves 172 million users, having onboarded nearly 5 million new customers over the same period. In its standalone results for the first nine months of FY25, the firm cited payments GMV of Rs 828 billion (Rs 82,800 crore), up 248% year-on-year.
Nine-month performance and outlook
For the nine months ended December 31, 2024, MobiKwik reported a total income of Rs 9,140 million, driven by a 48% year-on-year increase in its payments business.
While its EBITDA stood at a loss of Rs 336 million for this period, leadership says it continues to see healthy gross margins in the payments segment, hovering around 19%.
The company also says it is cautious in disbursing credit products, which affected its revenue contribution from that line of business. Despite that slowdown, it believes the long-term potential of financial product distribution remains strong, especially as it expands its range of offerings with partners like Piramal Finance.
IPO history and recent developments
MobiKwik went public in December 2024 with a strong listing, debuting at a 59% premium on its issue price. It is currently trading at around Rs 406, giving it a market capitalization of close to Rs 3,160 crore.
Upasana Taku, Executive Director, Co-founder, and CFO at MobiKwik, says the company continues to invest heavily in product innovation, highlighting significant growth in payments as evidence of its strategy.
She adds that, with the IPO concluded and additional funds available, the firm is focused on steering toward profitable expansion in the coming quarters.