MobiKwik has lived through a painful existence marred by challenges that would have sunk a lesser startup. In its desire to go public, it continues on the path of pain.
Things couldn’t have been worse for MobiKwik. In the fiscal year ended 31 March 2021, the company’s operating income dropped 20%, from Rs 355.68 crore in the previous year to Rs 288.57 crore. The company recorded a loss of Rs 111.30 crore in 2020-21, compared to Rs 99 crore in 2019-20. It would seem COVID-19 battered the hell out of MobiKwik’s fledgling business. Cash on hand dropped to Rs 60 crore as of 31 March, just about enough to cover a year’s wage bill; it managed to to raise $5 million (around Rs 37 crore) in April from a handful …
Pranav is a co-founder at The Morning Context and leads our edit team. He has previously worked as a writer and editor at The Ken and Mint, where he worked on business news from tech to banking to deals. At The Morning Context, he helps manage editorial operations, edits and commissions long-form stories, and writes at the intersections of technology, business and finance.
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Arti is a former writer at The Morning Context. She previously worked with publications such as ET Prime, VCCircle, Firstpost and EETimes. Arti has keenly tracked the evolution of financial technology in India and written some of the defining pieces on the ecosystem as it birthed and matured. Even when not writing about it, she loves to dissect the revenue models, margins and regulations that are shaping the sector.
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