MOBIKWIK — FROM WALLET TO FINTECH ENGINE 🚀💳

MobiKwik's story is changing. From a digital wallet company fighting for relevance, it is becoming a broader payments + financial-services platform. And the numbers are starting to confirm it. Q1 FY27 delivered the third consecutive profitable quarter. PAT reached ₹7.6 crore, versus a ₹41.9 crore loss a year ago, while EBITDA turned positive at ₹15.8 crore. More importantly, contribution profit jumped 66% YoY to ₹128.6 crore. But profitability isn't the only signal. Platform GMV hit an all-time quarterly high of ₹58,700 crore, growing 50% YoY. That's a serious acceleration in transaction activity. And UPI is becoming increasingly important. MobiKwik says its UPI transaction growth has been running 5x faster than the overall industry, while the platform continues expanding beyond payments into credit and other financial products. Then comes the lending opportunity. ZIP EMI GMV reached ₹736.7 crore in Q1 FY27, while financial-services gross profit grew strongly as the company focused on improving portfolio quality and recoveries. The bigger thesis is therefore: More transactions → More engagement More engagement → More financial products More products → Better monetisation Better monetisation → Operating leverage And the platform already has significant scale — more than 193 million registered users and 5 million merchants, according to the company. But there is a catch. MobiKwik is still in an investment phase. FY26 ended with a consolidated net loss, while the company continues spending to build merchant acquiring, lending and AI-driven products. Competition is intense, credit cycles can hurt lending economics, and sustaining profitability while growing rapidly won't be easy. That's why this isn't simply a payments story. It's a bet that MobiKwik can turn a large user base into a profitable financial-services ecosystem. If that conversion continues, today's wallet could become tomorrow's fintech engine.