New Delhi, Aug 8 (IANS): Digital banking platform MobiKwik on Tuesday said it has recorded profitable growth in the first quarter of current financial year with an adjusted EBITDA of Rs 13.6 crore, a 181 per cent increase (year-over-year).

This is the second consecutive quarter when MobiKwik has registered a profitable growth.

The company registered Rs 177 crore in revenues in Q1 FY23-24, a growth of 68 per cent in the corresponding quarter last fiscal and its contribution margin rose by 108 per cent to Rs 73.9 crore.

The company is geared for a 2X growth to an estimated Rs 1,100 crore in FY 2023-24.

The company also projects to earn a net profit of Rs 40-Rs 50 crore in FY24 as per the current profitability path.

"In FY 2022-23, we achieved all the major goals we set for MobiKwik the previous year, and our vision for FY 2023-24 is to achieve profitability in all quarters. Q1 has been a good start to the fiscal year,” said Bipin Preet Singh, Co-Founder and CEO, MobiKwik.

In the last quarter of FY23, MobiKwik had generated Rs 160 crore in revenue, with an adjusted EBITDA of Rs 3 crore.

MobiKwik ended the financial year 2022-23 with Rs 560 crore in revenue and became profitable from the fourth quarter of the financial year 2022-23.

“Our focus for this fiscal is twofold - to increase our presence in tier 3, 4 cities and towns and to start offering financial products to our small merchants. We believe that a lot of India's digital growth is now coming from small cities, towns and villages, and we want to tap into that potential," Bipin added.

Founded in 2009 by Singh and Upasana Taku, MobiKwik has grown to serve over 140 million registered users across the country with a merchant network of over 4 million.