INSUBCONTINENT EXCLUSIVE:
Upasana Taku said Mobikwik recorded profit of around Rs 7 crore in the third quarter of 2021-22.New Delhi: IPO-bound fintech firm Mobikwik
became profitable in the December 2021 quarter and expects to close the current financial year with almost two times growth in revenue, a
top company official has said.Mobikwik co-founder and Chief Operating Officer Upasana Taku said that the company recorded profit of around
Rs 7 crore in the third quarter of 2021-22, after losing money in the first and second quarters."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."This really validates our theory and the message that we have been
giving that it is possible in the Indian fintech space to build a fast pace growth model while at the same time make money," Taku
said.Sharing details of the nine-month period ended December 31, 2021, Taku said the company has achieved revenue of around Rs 400 crore,
we expect that we will be closing the year at Rs 550-600 crore which is two times of our last financial year," Taku said.She said in order
to achieve Rs 300 crore of revenue in FY'21, the company had a cash burn of Rs 98 crore, which is negative 32 per cent in terms of EBITDA as
percentage to revenue."To reach this Rs 400 crore we have overall losses of Rs 78 crore for the nine month period, which is negative 19 per
This is a massive improvement from negative 32 per cent to 19 per cent for the nine month period," Taku said.She added that there are
traditional financial institutions which are clocking huge profits but their growth rate is in the range of 20 per cent, and then there are
startups which are showing 100-150 per cent growth but are hugely loss making."I think this is the fine balance that Mobikwik as a late
stage, mature company is trying to straddle where we are able to showcase 100 per cent revenue growth and at the same time reaching
