Mobikwik turns profitable in March quarter
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Taku said, “We have also reduced our cash expenditure by about 40 per cent. In the current financial year 2023-24, we want to achieve a revenue target of Rs 1,000 crore and at the same time want to take our profit to Rs 40-50 crore.
Fin-tech firm MobiKwik turned profitable in the January-March quarter and expects to double its revenue to Rs 1,000 crore in the current financial year. Company co-founder Upasana Taku said in a conversation with PTI that Mobikwik reached profit in the March quarter of FY 2022-23 and now intends to make profit in every quarter. Taku said, “We have also reduced our cash expenditure by about 40 per cent. In the current financial year 2023-24, we want to achieve a revenue target of Rs 1,000 crore and at the same time want to take our profit to Rs 40-50 crore.
In the ended financial year 2022-23, the company’s revenue was Rs 560 crore with a 39 percent increase. Taku said digital lending products contributed 50 per cent to the company’s revenue while the rest came from payments. On the postponement of MobiKwik’s initial public offering (IPO), Taku said, “We are a company dedicated to IPO. If we are profitable for two-three consecutive quarters in this financial year, we will definitely go for the IPO.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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