One MobiKwik Systems (MOBIKWIK) Q3 24/25 earnings summary

Executive summary

• Achieved successful IPO in December 2024, raising INR 5,305 Mn (net of expenses), marking the only fintech listing in India for the year, with shares listed on NSE and BSE.

• Platform scaled to 172 million users and 4.5 million merchants as of Q3FY25, with 5 million new users and 110,000 new merchants added in the quarter.

• Payments GMV for Q3FY25 surged 206% YoY to INR 294-294.5 billion, driving strong payments revenue growth.

• Transitioned from INR 300 crores revenue and negative EBITDA in FY21 to INR 900 crores revenue and INR 37 crores EBITDA in FY24, reflecting 3x revenue growth and full-year profitability.

• Digital credit GMV declined 70.7% YoY to INR 7.0 billion, reflecting sectoral headwinds in unsecured lending.

Financial highlights

• Q3FY25 total income was INR 2,745 million, up 19% YoY; 9mFY25 total income reached INR 9,140 million, up 48% YoY.

• Payments revenue in Q3FY25 grew 166% YoY to INR 1,965 million, with gross margin at 18.9%-19%.

• Contribution margin for 9mFY25 remained above 30%, but dropped to 26.6% in Q3FY25 due to lower financial services revenue and higher lending costs.

• Q3FY25 EBITDA loss was INR 427 million; 9mFY25 EBITDA loss was INR 336 million.

• Q3FY25 net loss was INR 553 million; 9mFY25 net loss was INR 655 million.

Outlook and guidance

• Focus on expanding digital payments, differentiated UPI offerings, and cross-selling financial products.

• Revenue from financial product distribution expected to recover with new product launches and onboarding of new lending partners.

• New insurance and savings businesses to launch in 2025.

• IPO capital deployment to continue, with investments in new and existing business lines.

• Monetization of merchant network through device rentals, subscriptions, and MDR income from Rupay credit cards.