MobiKwik, India’s largest digital wallet, has announced exceptional financial results for the fiscal year ending March 31, 2025, marking a significant milestone in the country’s digital payments landscape. The company reported a Payments Gross Merchandise Value (GMV) of ₹1,158.7 billion, reflecting an extraordinary 203% growth compared to the previous year. This growth underscores the increasing adoption of digital wallets and fintech solutions in India, as consumers and merchants embrace technology-driven financial services.

One of the key highlights of MobiKwik’s performance is its ability to maintain a best-in-class payments gross margin of 20% for the full fiscal year. This impressive margin is a result of optimized direct costs, including payment gateway expenses and user incentives, demonstrating efficient business operations and strong market positioning. The company also recorded a payments margin of 13 basis points, a leading figure in the Indian payments ecosystem, signaling healthy profitability trends in its core payments business.

MobiKwik’s total income surged by 34% year-over-year to ₹11,925 million, fueled primarily by a 142% growth in payments revenue. This robust increase reflects the company’s expanding footprint across diverse payment modes and growing customer trust in its platform. However, the company reported an EBITDA loss of 6.7%, attributed to a lower contribution margin of 30% due to revenue mix changes and sector headwinds in financial product distribution. Despite this, MobiKwik is optimistic about returning to profitability as its contribution margins improve.

The company’s user base showed remarkable growth, reaching 176.4 million registered users, with 4.4 million new users added in the last quarter alone. This rapid increase in active users is complemented by a flourishing merchant base, which now stands at 4.59 million merchants, having onboarded approximately 76,000 new merchants in the most recent quarter. Such expansive network growth reflects MobiKwik’s commitment to building a comprehensive digital payments ecosystem catering to both consumers and businesses across India.

Among other notable achievements, MobiKwik’s subsidiary Zaakpay obtained RBI approval as a licensed Payment Aggregator and Payment Gateway in April 2025. This regulatory endorsement strengthens the company’s ability to offer secure and seamless payment processing services, enhancing its competitive edge in the fintech sector. Additionally, the company partnered with Piramal Finance to provide personal loans ranging from ₹50,000 to ₹200,000, further diversifying its financial product offerings and expanding credit access for Indian consumers.

MobiKwik’s leadership, including Executive Director and Co-founder Upasana Taku, is focused on leveraging advanced technologies such as artificial intelligence (AI) to accelerate growth. AI initiatives aim to optimize go-to-market strategies, improve collections efficiency, enhance customer service, and drive revenue growth while expanding margins through intelligent automation. These efforts are expected to play a pivotal role in the company’s next phase of expansion and value creation.

The company’s product portfolio continues to evolve, offering a variety of payment and financial services products. These include the popular MobiKwik Wallet, UPI, Pocket UPI, and Zaakpay gateway, serving millions of users and merchants across India. MobiKwik has also expanded into financial products distribution, including credit services like MobiKwik ZIP and ZIP EMI, savings instruments such as Fixed Deposits and Mutual Funds, digital gold, and insurance products. This broad range of offerings positions MobiKwik as a one-stop fintech platform addressing diverse consumer needs.

According to industry reports, MobiKwik holds a 23% market share of prepaid payment instruments (PPI) wallet gross transaction value (GTV) as of November 2024, making it the largest digital wallet by transaction value in India. Its rapidly growing user and merchant ecosystem further solidify its leadership in the highly competitive Indian fintech landscape.

Looking ahead, MobiKwik is well-positioned to capitalize on the growing digital payments market, driven by increasing smartphone penetration, supportive government policies, and rising digital financial literacy. The company’s strategy to blend innovative technology, regulatory compliance, and customer-centric products aims to accelerate its journey toward sustained profitability and market leadership.

In conclusion, MobiKwik’s FY25 financial results highlight its strong growth trajectory, operational efficiency, and commitment to innovation. As India’s digital payments sector continues to evolve, MobiKwik’s expanding user base, merchant network, and AI-driven initiatives place it on a solid path for future success in the fintech space.

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