The company, which competes with the likes of Paytm and PhonePe, has been facing tremendous competition from its rivals in the payments space. Therefore it has made an effort to move on to become a broader fintech player by entering lending and investments as well.
“By end of financial year 2019, we are on-track to double our revenues of 2017–18 and halve our losses. October onwards, we became positive on contribution margin, a milestone that no other fintech platform of reasonable scale in India has been able to reach. We believe our new efforts in 2018 will lead to our first profitable year at significant scale,” wrote Bipin Preet Singh, chief executive officer, Mobikwik in a blog post recently.
Further the company also made disclosures that its co-founders Singh and Upasana Taku earned Rs 2.15 crore each during the reported year.
2018 has also been a very critical year for Mobikwik having made its first acquisition in the fintech space. The company acquired Mumbai-based investment platform Clearfunds. Singh wrote in the blog post that the aim of the company now is to disrupt the two major under penetrated markets, lending and wealth management.
Mobikwik, which was founded way back in 2009, is backed by marquee investors like Sequoia Capital, American Express and even counts Bajaj Finance as one of its strategic backers. It was one of the last standalone payment entities till it entered other services as well, since Paytm became a bank, Freecharge was absorbed by Axis Bank and Citrus Payments got bought by PayU.