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Digital banking platform MobiKwik on Wednesday said it clocked Rs 560 crore in revenue in the financial year 2022-23 and became profitable from the fourth quarter of the financial year 2022-23.

The company's contribution margin rose to Rs 169.5 crore in FY23 as compared to Rs 42 crore in FY22, nearly 304 per cent year-on-year growth.

Fifty per cent of the company's revenue came from the distribution of digital credit products, and the rest came from its payments business.

In Q4 FY23, MobiKwik generated Rs 160 crore in revenue, a 38 per cent contribution margin and recorded an adjusted EBITDA of Rs 3 crore.

"We aim to expand our product offerings and cross-sell financial products to deepen engagement with our large user and merchant base, which we have barely scratched the surface of," said Upasana Taku, Co-Founder and COO, MobiKwik.

In FY23, MobiKwik also added 16 million users, taking its total user base to 140 million.

Its active credit user base also grew 100 per cent from 2 million in FY22 to 4 million in FY23.

"Our focus for the upcoming year is twofold - to increase our presence in tier 3, 4 cities and towns and to start offering financial products to our small merchants," said Upasana.

Founded in 2009 by Bipin Preet Singh and Taku, MobiKwik has grown to serve over 140 million registered users across the country.