Mobikwik is eyeing Rs 1,000 crore revenue in FY2024

Upasana Taku, Co-founder & COO of fin-tech start-up Mobikwik, is aiming to double the firm’s revenue and improve its bottom line in FY2024. In an interaction with Business Today in November, the 43-year-old entrepreneur said that after putting the house in order over the past few years, Mobikwik is now entering a high-growth phase.

Also read: MPW 2023: Why Upasana Taku of MobiKwik is betting on Bharat

Taku is aiming for a turnover of Rs 800-1,000 crores by the end of FY2024 besides remaining profitable at the net level. While by adding insurance products to its basket, she wants to offer the "entire gamut of financial services" to her consumers - 80 per cent of whom are in the country’s tier-3 to tier-5 towns.

"Most of them are not salaried but self-employed and the financial services that we are offering are probably the first services that they have ever availed. We have reached a certain scale and we want to now make a difference to the 400 million countrymen who live in smaller towns that we so often define as Bharat,” she says.

Also read: MobiKwik to be fully profitable by FY24, 100% committed on the IPO front, says co-founder Upasana Taku

MobiKwik ended the financial year 2023 with Rs 560 crore in revenue and became profitable from the fourth quarter of FY2023. Its contribution margin rose to Rs 169.5 crore, compared to Rs 42 crore in FY2022 - nearly 304 per cent higher than the previous year. 

Founded in 2009, Mobikwik is not only one of the earliest fin-tech start-ups in the country but is also among the most prominent names in the sector today. With the burst in the number of active internet users in India, Taku says Mobikwik has also scripted a story of growth that now encompasses the entire fin-tach landscape including payment gateway, digital wallet, digital lending, instant credit, and offers investment avenues like mutual funds and peer-to-peer lending. 

According to her, in a country of 140 crore people, only 15 crore individuals have access to an array of financial services like investing and borrowing through formal channels. The idea is to offer the financial services bucket to the rest, who are left behind or ignored by banks and NBFCs due to their lack of credibility.

In doing so, Mobikwik has grown to serve over 140 million registered users across India with a merchant network of over 4 million. As she contemplates launching an IPO for Mobikwik in FY2024, the company has turned profitable at a net level. During the first six months of the financial year, Mobikwik’s revenue jumped 58 per cent year-on-year to Rs 358 crore, while it recorded Rs 8 crore net profit.