MobiKwik logs profit for 2nd quarter in row

NEW DELHI: IPO-bound MobiKwik has delivered a second straight profit-after-tax positive quarter. The fintech firm posted net profit of Rs 5 crore in the September quarter. Revenues increased by 52% year-on-year to Rs 208 crore in Q2, it said.

"We expect that in the long-term, in the next few quarters, our profit margins will keep increasing significantly as a percentage of our revenue," co-founder and CEO Bipin Preet Singh told TOI. MobiKwik had reported profit of Rs 3 crore in Q1FY24.

"The idea is to get a few more quarters under the belt with more growth and profitability and then go for an IPO," Singh said. MobiKwik had deferred its Rs 1,900 crore IPO in 2021 due to choppy markets and a dismal debut by larger peer Paytm.