MobiKwik Reports Strong Q2 Performance with 80% EBITDA Growth and Record Payment Volumes, Addresses INR 404 Million Fraud

One Mobikwik Systems Limited, a leading fintech company, has reported significant improvement in its quarterly results for Q2 FY2025, despite facing challenges including a fraud incident.

Financial Performance

MobiKwik achieved the following key financial metrics:

EBITDA improved 80% quarter-on-quarter to negative ₹64.00 crore from negative ₹312.00 crore in Q1.
Record payment GMV of ₹432.00 billion, representing 53% year-on-year growth and 13% quarter-on-quarter increase.
Total revenue remained stable at ₹2,793.00 crore.
Contribution margin expanded to 34.4% from 27.5% in the previous quarter.
Payments business maintained gross margins of 29.4%.
Financial services gross margins improved significantly to 41.8% from 13.3%.

However, the company reported a consolidated net loss of ₹286.00 million for the quarter ended September 30, 2025, compared to a loss of ₹36.00 million in the same period last year.

Operational Highlights

UPI transactions showed 3.5x year-on-year growth, with the company ranking among top 3 fastest growing UPI apps in India.
Onboarded 3.3 million new users during the quarter, reaching 183.5 million registered users.
Launched new products including FX Retail platform in partnership with NBBL and RBI.
Became among the first fintechs to fully roll out Digital Rupee transactions.
Received SEBI approval for stock broking services through its Zaakpay platform.

Fraud Incident and Recovery Efforts

On September 13, 2025, MobiKwik filed an FIR regarding a fraud incident:

Merchants in Haryana's Nuh and Mewat regions exploited a technical bug, resulting in fraudulent claims of ₹403.59 million.
The company has successfully recovered ₹219.27 million.
Secured an additional ₹66.02 million through court orders.
Provided for the remaining ₹118.30 million under exceptional items.
Appointed a reputed advisory firm to conduct an independent incident report.

Future Focus

MobiKwik continues to focus on its core business areas:

Financial services
Payment services
Research and development in data, machine learning, and artificial intelligence
Capital expenditure for payment devices

The company is utilizing the proceeds from its IPO to fund these growth initiatives.

Despite the challenges faced, MobiKwik's strong performance in key areas such as payment volumes and user growth, along with its swift action in addressing the fraud incident, demonstrates the company's resilience in the fintech sector.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-4.48%	-3.39%	-9.21%	+0.30%	-52.19%	-52.19%

One Mobikwik Systems Limited, a prominent player in India's fintech landscape, has announced a significant change in its leadership team. Mohit Narain, the company's Chief Operating Officer for Operations (Payments), has tendered his resignation, effective October 24, 2025.

Resignation Details

Narain's departure, primarily attributed to health reasons, marks the end of his tenure at the Gurugram-based fintech company. In his resignation letter addressed to Bipin Preet Singh, Managing Director and CEO of MobiKwik, Narain expressed that he had been advised to take full rest and focus on his recovery, necessitating this difficult decision.

Key Information

Aspect	Details
Resigning Executive	Mohit Narain
Position	Chief Operating Officer - Operations (Payments)
Effective Date	October 24, 2025
Reason for Departure	Health concerns

Corporate Disclosure

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, MobiKwik has formally disclosed this development to the National Stock Exchange of India Limited and BSE Limited. The company's filing includes the resignation letter and relevant details as mandated by SEBI regulations.

Narain's Farewell

In his resignation letter, Narain expressed gratitude for the opportunities and support he received during his time at MobiKwik. He stated, "It has been a privilege to work with such a dedicated and talented team and I am truly appreciative of all that I have learned here."

Company Response

While the company has not announced an immediate successor, MobiKwik acknowledged Narain's contributions in its regulatory filing. The fintech firm, known for its digital payment solutions and financial services, is expected to manage this transition as it continues to navigate the competitive fintech landscape in India.

This development comes at a time when the fintech sector in India is experiencing rapid growth and evolution. MobiKwik, as a key player in this space, will likely be focusing on ensuring a smooth transition in its payments operations leadership.

As the company moves forward, stakeholders will be keen to observe how this change in senior management might influence MobiKwik's strategic direction and operational efficiency in the dynamic fintech market.