One Mobikwik Systems Limited — PPTs, 20-05-2025: Investor Presentation

1. Financial Highlights:

MobiKwik reported total income of INR 11,925 Cr for FY25, up 34% YoY, led by a 142% jump in payments revenue to INR 7,674 Cr. Payments GMV surged 203% to over INR 1.15 lakh Cr, with registered users reaching 176.4 million and merchants at 4.59 million. Payments gross margin improved to 19.7%. Financial services revenue declined 28% to INR 4,028 Cr due to a 41% drop in credit disbursements, though take rate rose to 7.5%. EBITDA margin stood negative at (6.7)%, and PAT showed a loss of INR 121.5 Cr, pressured by lower margins in financial services and higher fixed costs. QoQ payments revenue grew 8% with margin improving to 23.9%, while financial services showed early signs of recovery.

2. Strategic Initiatives & Growth Drivers:

MobiKwik is driving growth via AI-powered efficiencies for faster product launches and smarter collections. It rolled out Pocket UPI for PIN-less instant UPI payments without bank linkages, aiming to boost transaction frequency. The FD-backed Rupay Credit Card launch targets deeper UPI monetization and financial inclusion for new-to-credit users. Focus remains on expanding payments and secured lending products, with a strategic pause on riskier offerings like Zip.

3. Business Developments:

No new acquisitions or major partnerships. Key product updates include KWIK Collect—an AI-integrated collections tool—and enhanced conversational commerce and affordability solutions for merchants. The credit portfolio is being tuned toward longer tenure EMIs and secured loans like personal loans and loans against mutual funds.

4. Market Position & Competitive Advantage:

MobiKwik retains the largest digital wallet base in India with 176 million users and 4.6 million merchants, holding #1 in wallet payments and #6 in bill payments. Its scale drives superior payment processing economics with best-in-class gross margins near 20%. AI-driven innovations and UPI-first products strengthen differentiation amid intense competition.

5. Investor Implications:

Robust payments GMV growth and margin improvement highlight positive growth potential. The financial services slowdown poses execution risks, though early recovery signs are encouraging. AI efficiencies and product innovation offer a path toward profitability as fixed costs moderate, making MobiKwik a story to watch for operational leverage gains.