Mobikwik revenue up 93 percent, losses mount to Rs 203 crore
Digital financial services platform Mobikwik saw its revenue increase 93 percent to Rs 86 crore (approx $12.3 million) in the fiscal year 2018 as compared to Rs 44 crore it had posted in the last fiscal.
Even though the company witnessed strong growth in its revenue, its losses widen to Rs 203 crore for the fiscal year from Rs 133 crore it had posted during the last financial year.
The company’s employee expenses also increased to Rs 49 crore in FY2018, from Rs 26 crore in the previous fiscal, as per filings with the corporate affairs ministry.
“By end of the financial year 2019, we are on track to double our revenues of 2017–18 and halve our losses. October onwards, we became positive on contribution margin, a milestone that no other fintech platform of reasonable scale in India has been able to reach. We believe our new efforts in 2018 will lead to our first profitable year at significant scale,” Bipin Preet Singh, chief executive officer at Mobikwik, said.
Mobikwik has been investing heavily to increase its customer base in the country and expects to break-even in the next 18 to 24 months.
Mobikwik is one of the leading players in the digital payments space backed by investors like South Africa's payments major Net1, Sequoia Capital and American Express among others which hold a significant stake in the company.
Copyright © 2021 FashionNetwork.com All rights reserved.