MobiKwik Q2 FY25: Revenue at Rs 291 crore and Rs 3.5 crore loss

07 Jan 2025, 07:13 PM

MobiKwik and Lendbox struck a deal where MobiKwik gave up Rs 24 cr in income for Q1 FY25, and in return, Lendbox waived Rs 42 cr in facilitation fees. These adjustments impacted MobiKwik's current quarter's revenue and expenses.

Arti Singh

Close to a month after its IPO, payments company MobiKwik has reported its quarterly results for the second quarter of fiscal year 2024-2025 (Q2 FY25).

For the quarter ended September 30, 2024, the Gurugram-based fintech has posted Rs 290.6 crore in revenue from operations, up from revenue of Rs 203.4 crore seen in the previous year. However, on a sequential basis, the revenue fell from Rs 342 crore.

On the expense side, payment gateway cost stood at Rs 136 crore in Q2 FY25, compared to Rs 43 crore reported during the same quarter in FY24. Employee benefits costs were at Rs 43.5 crore, compared to Rs 51 crore in the previous year.

The company posted a net loss of Rs 3.6 crore for Q2 FY25 compared to a profit of Rs 5 crore posted a year earlier. On Q-o-Q basis, the loss has come down from Rs 6.3 crore.

According to Mobikwik's filings, the company had 167 million registered users as of September 30, 2024. Of this, 4.4 million were merchant users. Its payment gross merchandise value (GMV) stood at Rs 28,280 crore at the end of Q2FY25, up by 267.3% yoy. 
 
In its statement, MobiKwik mentioned that "Subsequently to the period ended 30 September 2024, the company has entered into an agreement (referred to as 'waiver agreement') with one of its lending partners, whereby the company has agreed to forego income receivable related to financial services amounting to Rs 24 crore pertaining to quarter ended June 30, 2024 which has been netted off against revenue from financial services for the current quarter. Pursuant to the same waiver agreement, the lending partner has also agreed to irrevocably waive its right to receive facilitation fees from the company amounting to Rs 42 crore (out of which Rs 38.5 crore pertains to quarter ended June 30 2024 and Rs 3.6 crore pertains to year ended March 31 2024) which has been netted off against lending operational expenses for the current quarter."

A source confirms this agreement was with MobiKwik's P2P (peer-to-peer) lending partner -- Lendbox. In simple words, MobiKwik entered into a deal with Lendbox. In this deal: 

The company agreed to give up Rs 24 crore of income it was supposed to receive for financial services provided during the April-June 2024 quarter. This amount has been subtracted from the revenue reported in the current quarter. In return, Lendbox agreed to waive its right to collect Rs 42 crore in facilitation fees from MobiKwik. 

Out of this: Rs 38.5 crore relates to the April-June 2024 quarter; and Rs 3.6 crore relates to the financial year that ended on March 31, 2024. The waived fees have been subtracted from the company's lending operational expenses for the current quarter.

Mobikwik made its stock exchange debut last month with an a premium of 59% on its issue price on the first day of its listing. The company is currently trading at Rs 601.9 with a total market capitalization of Rs 4,676 crore.

Peak XV Partners (formerly Sequoia) post the listing divested 1.5% stake (12.01 lakh shares) in MobiKwik  through a bulk deal on the National Stock Exchange. The shares were disposed of at an average price of Rs 679.38 apiece, taking the deal value to Rs 81.63 crore.

The author is Founder and Editor of The Head and Tale. She can be reached at [email protected]
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