For MobiKwik, even as revenue doubles, loss widens by 52 percentTarush Bhalla
Gurugram-based financial services startup, MobiKwik reported a consolidated loss of Rs 202.98 crores, while its total consolidated revenue stood at Rs 85.65 crores for the fiscal year 2018, according to documents filed with the Registrar of Companies.
The consolidated revenue has almost doubled from FY17 when it stood at Rs 44.35 crores, while the consolidated loss also increased by 52 percent since then. The total loss for MobiKwik in 2017 was Rs 132.89 crores.
According to the filing, MobiKwik's revenue in FY 18 was generated by the commission income from sale of recharges, commission income from merchants (using MobiKwik) after each transaction, one-time setup fees from merchants, income from forfeiture of unused users wallet balance, commission income from allowing user to withdraw money from wallet, income from advertisement space, and income from loan processing fees.
However, over last year, MobiKwik has beefed its operations to provide other financial services on its platform. In November, last year, it announced the launch of digital insurance on its platform and stated that it was looking to target 1.5 million policies by the end of this financial year.
In October, the payments company also announced the launch of digital gold on its app. In the same month, MobiKwik marked its first acquisition and announced its entry into the wealth management space with Mumbai-based wealth management platform Clearfunds.
Mobikwik’s arch-rival, Paytm saw its losses soar higher. One97 Communications, the parent company of India’s financial behemoth Paytm, reported a total loss of Rs 1640.34 crore for the year ended March 31, 2018. This is the consolidated number including One97 Communications’ subsidiaries. The loss widened by almost 78 percent compared to filings from last fiscal, where the company reported a total consolidated loss of Rs 899.64 crore.
One97 Communications’ total revenue on a consolidated basis also grew by more than 300 percent, as it clocked a total revenue of Rs 3314.80 crores in FY 18.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.