The MobiKwik Business Model of Wallet, UPI and Credit
How MobiKwik earns from payments and financial services.
Key Takeaways
- Platform GMV was ₹59,677 crore in Q2 FY27, up 35% from a year earlier.
- Q2 FY27 revenue from operations was ₹295.7 crore, with ₹11.8 crore profit after tax.
- FY26 net loss was ₹62.1 crore, down from ₹121.5 crore in FY25.
- Financial services revenue was ₹73.3 crore in the April to June 2026 quarter.
Table of Contents 12 sections
- MobiKwik at a glance
- What MobiKwik does
- How MobiKwik makes money from payments and credit
- The MobiKwik revenue model in numbers
- MobiKwik's key metrics
- MobiKwik's Business Model Canvas
- How the MobiKwik model works
- MobiKwik IPO and journey so far
- Who MobiKwik competes with
- Challenges MobiKwik faces
- Conclusion on the MobiKwik business model
- FAQs
The MobiKwik business model earns money from payments made through its wallet, UPI and merchant products, and from financial services built around credit. In FY26 MobiKwik reported total income of ₹1,154.2 crore and a consolidated net loss of ₹62.1 crore, against a loss of ₹121.5 crore in FY25.
The latest quarter, July to September 2026 (Q2 FY27), brought revenue from operations of ₹295.7 crore and a profit after tax of ₹11.8 crore. MobiKwik is listed on the NSE and BSE and reports to the stock exchanges every quarter.
MobiKwik at a glance
| Item | Detail |
|---|---|
| What it does | Digital wallet, UPI, bill payments, merchant payments and credit products |
| Founded | 2009 by Bipin Preet Singh and Upasana Taku |
| Headquarters | Gurugram, Haryana |
| FY26 total income | ₹1,154.2 crore |
| FY26 net loss | ₹62.1 crore |
| Q2 FY27 revenue from operations | ₹295.7 crore |
| Q2 FY27 profit after tax | ₹11.8 crore |
| Listing | NSE and BSE since 18 December 2024 |
What MobiKwik does
MobiKwik is a digital payments company. Consumers use the MobiKwik app for its wallet, UPI payments and bill payments. Merchants can accept payments through devices such as EDC machines and Soundbox, through QR codes, and through the Zaakpay online payment gateway. The company also offers credit products, including ZIP EMI, and savings and investment products.
How MobiKwik makes money from payments and credit
MobiKwik reports two main parts of its business, Payments and Financial Services. In Payments, it earns from the money that moves through the platform, which it measures as platform GMV (gross merchandise value). In Q2 FY27 platform GMV was ₹59,677 crore, up 35% from ₹44,114 crore a year earlier. Payments gross margin was 38.2% in Q2 FY27, against 29.4% in Q2 FY26.
In Financial Services, MobiKwik earns from credit products offered to its users. Financial services revenue was ₹73.3 crore in Q1 FY27 (April to June 2026), out of ₹281.5 crore of revenue from operations.
The MobiKwik revenue model in numbers
Revenue from operations was ₹1,119.2 crore in FY26, about 4% lower than the ₹1,170.2 crore of FY25. The net loss came down to ₹62.1 crore from ₹121.5 crore. In the second half of FY26 the company reported a profit after tax of ₹8.4 crore, after a loss in the first half.
Since then the company has reported a profit after tax in each quarter. It was ₹4.4 crore in Q4 FY26, ₹7.6 crore in Q1 FY27 and ₹11.8 crore in Q2 FY27.
MobiKwik's key metrics
In Q2 FY27 contribution profit was ₹143.9 crore, up 50% from ₹96.1 crore in Q2 FY26. Credit partner AUM stood at ₹1,488 crore, and activated credit users rose to 1.74 million from 1.42 million.
Q2 FY27 total income was ₹302.8 crore, up from ₹279.3 crore a year earlier. EBITDA was ₹22.7 crore, against a loss of ₹6.4 crore in Q2 FY26, which gave an EBITDA margin of 7.5%. Contribution margin was 47.5%, compared with 34.4% in Q2 FY26.
MobiKwik's Business Model Canvas
How the MobiKwik model works
MobiKwik IPO and journey so far
MobiKwik was founded in 2009. It listed on the NSE and BSE on 18 December 2024 after a ₹572 crore IPO priced at ₹279 a share. The issue was made up entirely of fresh shares, with no offer for sale.
Who MobiKwik competes with
In UPI, PhonePe and Google Pay are the two largest apps by transactions, followed by Paytm.
Challenges MobiKwik faces
FY26 revenue from operations fell about 4%. The company also booked exceptional items in FY26 tied to alleged unauthorised merchant settlements. Payment processing charges were ₹119.3 crore in the January to March 2026 quarter.
Conclusion on the MobiKwik business model
MobiKwik earns from payments made through its wallet, UPI and merchant products, and from financial services built around credit. In FY26 total income was ₹1,154.2 crore and the net loss was ₹62.1 crore.
In Q2 FY27 platform GMV was ₹59,677 crore, revenue from operations was ₹295.7 crore and profit after tax was ₹11.8 crore.
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