Things couldn’t have been worse for MobiKwik. In the fiscal year ended 31 March 2021, the company’s operating income dropped 20%, from Rs 355.68 crore in the previous year to Rs 288.57 crore. The company recorded a loss of Rs 111.30 crore in 2020-21, compared to Rs 99 crore in 2019-20. It would seem COVID-19 battered the hell out of MobiKwik’s fledgling business. Cash on hand dropped to Rs 60 crore as of 31 March, just about enough to cover a year’s wage bill; it managed to to raise $5 million (around Rs 37 crore) in April from a handful of small-time investors, and then another $20 million (around Rs 150 crore) in June from the Abu Dhabi Investment Authority as pre-IPO funding.
And yet with the worst numbers on the scoreboard, MobiKwik has decided that