New Delhi, Feb 4 (PTI): Fintech firm One Mobikwik reported a consolidated loss of ₹55.28 crore in the third quarter ending December 2024, primarily due to a significant rise in payment gateway costs.
In contrast, the company had posted a profit of ₹5.27 crore in the same period last year, as per its regulatory filing. The sharp increase in expenses was driven by a nearly threefold surge in payment gateway costs, which escalated to ₹143.7 crore from ₹50.83 crore in the December 2023 quarter.
Despite the losses, One Mobikwik witnessed a healthy rise in its revenue, with consolidated revenue from operations growing by approximately 18% to ₹269.47 crore, up from ₹228.93 crore in the corresponding quarter of the previous year.
The company’s payments gross merchandise value (GMV) saw a multifold increase, reaching ₹29,400 crore in Q3 FY24, compared to ₹9,600 crore a year ago. Payments revenue more than doubled year-on-year, rising to ₹196.5 crore from ₹73.9 crore.
Commenting on the company’s performance, Upasana Taku, Executive Director, Co-founder, and CFO of One Mobikwik Systems, said, “MobiKwik continues to make significant investments in product innovation and development, reflected in our strong growth in the payments business. We continue to see healthy margins across businesses, supporting overall growth. With a successful IPO behind us and access to additional capital, we are confident of driving the business towards long-term value creation and profitable growth.”
The company also reported steady user and merchant base expansion. The registered user base grew by approximately 14% to 17.2 crore in the December 2024 quarter, compared to 15.1 crore a year earlier. Meanwhile, the merchant base increased by 16.2% year-on-year, reaching 45.1 lakh from 38.8 lakh in the same period last year.
Despite the current losses, One Mobikwik’s growth in revenue, GMV, and user base signals strong business momentum as it navigates the evolving fintech landscape.
In contrast, the company had posted a profit of ₹5.27 crore in the same period last year, as per its regulatory filing. The sharp increase in expenses was driven by a nearly threefold surge in payment gateway costs, which escalated to ₹143.7 crore from ₹50.83 crore in the December 2023 quarter.
Despite the losses, One Mobikwik witnessed a healthy rise in its revenue, with consolidated revenue from operations growing by approximately 18% to ₹269.47 crore, up from ₹228.93 crore in the corresponding quarter of the previous year.
The company’s payments gross merchandise value (GMV) saw a multifold increase, reaching ₹29,400 crore in Q3 FY24, compared to ₹9,600 crore a year ago. Payments revenue more than doubled year-on-year, rising to ₹196.5 crore from ₹73.9 crore.
Commenting on the company’s performance, Upasana Taku, Executive Director, Co-founder, and CFO of One Mobikwik Systems, said, “MobiKwik continues to make significant investments in product innovation and development, reflected in our strong growth in the payments business. We continue to see healthy margins across businesses, supporting overall growth. With a successful IPO behind us and access to additional capital, we are confident of driving the business towards long-term value creation and profitable growth.”
The company also reported steady user and merchant base expansion. The registered user base grew by approximately 14% to 17.2 crore in the December 2024 quarter, compared to 15.1 crore a year earlier. Meanwhile, the merchant base increased by 16.2% year-on-year, reaching 45.1 lakh from 38.8 lakh in the same period last year.
Despite the current losses, One Mobikwik’s growth in revenue, GMV, and user base signals strong business momentum as it navigates the evolving fintech landscape.
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