MobiKwik, a digital financial services platform, recently achieved a historic milestone by declaring its first full-year profitability in FY24. After 15 years of operating at a loss, the company achieved a profit after tax (PAT) of ₹14.08 crore, a significant improvement from the ₹83.81 crore loss reported in FY23. This financial success has boosted MobiKwik's confidence as the company prepares to go public, which is now imminent, according to Upasana Taku, Co-Founder and CFO of MobiKwik.
Upasana Taku, co-founder and chief financial officer, credited the company's success to an expanded user base and greater revenue from financial services.
"We are thrilled to have made the smooth shift from losses to full-year profitability. We've made excellent strides in developing our products and expanding our reach to smaller towns and cities, where digital growth is accelerating," Taku added.