One MobiKwik Systems Ltd. India’s largest digital wallet, today announced earnings results (standalone and consolidated) for nine months ended December 31st, 2024, and third quarter of fiscal year 2025.
The Company reported solid growth in its Payments GMV, underscoring consistent user adoption and strong momentum in its platform driven by product innovation and differentiated offerings.
Key Financial Highlights 9mFY25
- Payments GMV: INR 828 Bn, up 248% YoY
- Total Income: INR 9,140 Mn, up 48% YoY driven by strong growth in the payments business
- Contribution margin: INR 2,980 Mn, remained 30%+ in the period
- EBITDA: Loss of INR 336 Mn, impacted due to lower contribution margin
Key Performance Highlights Q3FY25
Platform Growth:
- User base: 172 Mn in Q3FY25 – 5 Mn new users onboarded in this quarter
- Merchant base: 4.5 Mn merchants with 110K new merchants added in this quarter
Payments Business:
- Payments GMV grew over 206% YoY in Q3FY25, reaching INR 294 Bn.
- Payments revenue grew 166% YoY in Q3FY25 to INR 1,965 Mn.
- Industry-leading Payments Gross Margin at 19%, up 55% YoY in Q3FY25.
Financial Highlights:
- Total Income: INR 2,745 Mn, up 19% from INR 2,314 Mn in Q3FY24
- EBITDA: loss of INR 427 Mn, due to lower contribution margins even as the fixed costs remained stable QoQ
MobiKwik is the largest wallet player, amongst the top players in the Bharat Bill Payment System (BBPS) segment, and also a key player in UPI. With this growth, the Company remains excited about the opportunities to expand digital payments and cross-sell financial products in a rapidly growing digital-first market like India.
The Company continues to be selective and cautious in distributing financial products, prioritizing quality over volume. Although credit product disbursal slowed down in the quarter, the Company remains optimistic about the long-term potential of the distribution of financial products. During the quarter, it partnered with Piramal Finance to offer personal loans.
With the strong increase in payments GMV and an uptick in the distribution of financial services, the Company remains confident of capitalizing on the operating leverage inherently built into the business model and driving value-accretive growth.
Upasana Taku, Executive Director, Co-founder & CFO of One MobiKwik Systems Ltd., said, “MobiKwik continues to make significant investments in product innovation and development, reflected in our strong growth in the payments business. We continue to see healthy margins across businesses, supporting overall growth. With a successful IPO behind us and access to additional capital, we are confident of driving the business towards long-term value creation and profitable growth.”
In January 2025, MobiKwik, in partnership with the Reserve Bank of India (RBI) and Yes Bank, became the first fintech to launch a full version of India’s Central Bank Digital Currency (CBDC) – e-rupee (e₹) for all its Android users.
