New Delhi, Jan 3 (PTI) Digital payments company MobiKwik saw its consolidated total loss widen to Rs 202.98 crore in the fiscal ended March 2018, according to documents filed with the corporate affairs ministry.
The company, which competes with mobile wallet players like Paytm, had posted a total consolidated loss of Rs 132.8 crore in 2016-17.
The consolidated revenue, however, increased 93.1 per cent to Rs 85.65 crore in FY2018 from Rs 44.35 crore in the preceding financial year, showed the documents, accessed by business intelligence platform Tofler.
On a standalone basis, MobiKwik saw its losses mounting to Rs 203.25 crore, while revenue was higher at Rs 69.28 crore for the financial year ended March 2018.
According to the documents, the company saw its employee benefit expense (on standalone basis) increase to Rs 49.28 crore in FY2018, from Rs 26.17 crore in the previous fiscal.
In a recent post on LinkedIn, MobiKwik co-founder and CEO Bipin Preet Singh said the company is “on-track to double our revenues of FY 2017 18 and halve our losses” by the end of FY19.
“October onwards, we became positive on contribution margin, a milestone that no other fintech platform of reasonable scale in India has been able to reach. We believe our new efforts in 2018 will lead to our first profitable year at significant scale,” he added.
This is published unedited from the PTI feed.