Mobikwik Q4 loss widens to Rs 56 Cr; slips into red for FY25
For the full fiscal year, Mobikwik swung to a loss of Rs 121.52 crore in FY25, compared to a profit of Rs 14.07 crore in FY24.
Digital financial services platform Mobikwik saw its losses widen to Rs 56.03 crore in Q4 FY25 compared to a marginal loss of Rs 67 lakh a year earlier, as the growth in its payments business failed to offset mounting expenses and a slowdown in its credit distribution segment.
According to filings, revenue from operations in the quarter stood at Rs 267.78 crore, up only 1.1% from Rs 264.98 crore in Q4 FY24. However, total expenses surged 22% to Rs 324.28 crore during the period, up from Rs 265.7 crore a year ago.
For the full fiscal year, Mobikwik swung to a loss of Rs 121.52 crore in FY25, compared to a profit of Rs 14.07 crore in FY24. The company’s annual revenue rose 33.7% to Rs 1,170.17 crore, while expenses jumped nearly 49.1% to Rs 1,271.88 crore.
The company added 20.6 million new registered users—a 13% annual increase—taking its total user base to 176.4 million, as of March 31, 2025. Notably, in Q4 FY25, Mobikwik onboarded 4.45 million users, indicating continued demand for its payment and financial services even in a seasonally softer quarter.
On the merchant side, the platform expanded its reach by adding 0.53 million new merchants in FY25, growing the network to 4.59 million merchants, of which 4.4 million were offline merchants.
Mobikwik reported a sharp acceleration in transaction volumes in FY25, with payments gross merchandise value (GMV) surging 203% annually to Rs 1.16 lakh crore, marking an all-time high. Its total platform spends (TPV), including wallet, UPI, and card payments, reached Rs 12.4 lakh crore.
The fintech firm's payments business delivered robust growth in FY25, with revenue rising to Rs 76.74 crore, a 2.4X rise from Rs 31.71 crore in FY24. This surge was underpinned by strong momentum in GMV, which more than tripled annually.
The company achieved an industry-leading gross margin of 19.7% in the payments segment, driven by effective cost optimisation. Notably, user incentive expenses were slashed by 62% YoY, while payment gateway costs were reduced by 9%, significantly improving overall unit economics.
In contrast, MobiKwik’s financial services segment faced macroeconomic pressures. Revenue declined from Rs 55.79 crore in FY24 to Rs 40.28 crore in FY25, reflecting a 41% drop in ZIP disbursals—from Rs 9,093.4 crore in FY24 to Rs 5,358.3 crore in FY25.
ZIP EMI disbursals also contracted to Rs 2,477.4 crore from Rs 3,023.2 crore the previous year, owing to reduced lender appetite, prompting MobiKwik to pause ZIP for new users and refocus on longer-tenure ZIP EMI products.
Despite the contraction, the company reported a revenue take rate improvement in financial services, rising from 6.1% in FY24 to 7.5% in FY25, suggesting improved unit economics despite the declining volume.
Lending-related expenses saw a slight uptick as a percentage of digital credit GMV, primarily due to lower disbursements and a strategic shift toward new Digital Lending Guidelines contracts that front-load costs while deferring revenue recognition.
MobiKwik expects growth in this segment to resume post-Q2 FY26, with early signs of revival already emerging. Key lending partners during the year included Poonawalla Fincorp, ABFL, Piramal, SMFG, Northern Arc, and Suryoday Small Finance Bank.
Edited by Suman Singh