Gross revenue from the payment gateway stood at Rs. 51.9 crore in Q2FY20, compared with Rs. 28.7 crore in the previous year.
Mobikwik’s gross revenues more than doubled to Rs. 105.9 crore for the three months ended September, compared with Rs. 40.7 crore posted in the year-ago period, the company said in its half-yearly report.
The Gurgaon-based firm claims to be the first payments company to have turned Ebitda cash positive since August 2019.
Mobikwik’s losses widened by 55% to Rs. 203.25 crore in FY18, according to the company’s RoC filings sourced from business intelligence platform Tofler. Total revenue from operations stood at Rs. 53.72 crore during the year.
Recent reports indicated that digital payments firm PayU is in talks to acquire Mobikwik’s payment gateway business, which contributes almost 75% to the firm’s revenues. The company, however, has denied it.
Competition in India’s digital payments sector is getting bigger, with deep-pocketed companies like Paytm, PhonePe and Amazon Pay eyeing at bigger slices of the pie.
In July, PhonePe received about $101.58 million (Rs. 697.91 crore) in fresh fund infusion from its Singapore parent, PhonePe. Paytm is understood to be closing in on $2 billion financing round from investors including Ant Financial and SoftBank. Mobikwik has so far raised close to $120 million in funding, according to data from Crunchbase.
In an interview to FE earlier, Mobikwik co-founder Upasana Taku told the firm was not giving up its market share in payments but is “concerned about making money”. The company aims to garner 45% of revenues to come from the financial services segment by early next year.
Gross revenues from the payment gateway stood at Rs. 51.9 crore in Q2FY20, compared with Rs. 28.7 crore in the previous year, the company said.
The company said it recorded over 120 million transactions on its platform in the first half of FY20 against transactions of 80 million reported in the year-ago period. It is targeting annualised gross revenue of Rs. 425 crore by March 2020, the firm added.
Mobikwik said it is on track to disburse loans of more than Rs. 1,500 crore in the current financial year. “We are on track for a superlative performance by March 2020 and an IPO (initial public offering) by 2022,” co-founder and CEO Bipin Preet Singh said.