Mobikwik and Paytm are the prime players in India’s digital payment space, particularly in UPI services. While one is growing rapidly with increasing losses, the other is declining revenue but decreasing losses. Here’s how they stack up on core business metrics.
One Mobikwik
One Mobikwik Systems Ltd. is one of India’s leading fintech companies that offers digital payment solutions, credit services, and financial products. Through its platform it offers services such as the MobiKwik Wallet, Buy Now Pay Later (BNPL) through MobiKwik ZIP, UPI transactions, and peer-to-peer lending.
The revenue of the fintech firm is mainly generated through services such as commission on sales of recharges, money transfer fees, interest income, and loan servicing processing fees through partners in lending, technology platforms, and payment gateway services. It has a market capitalization of 2,176 crores.
Mobikwik reported a consolidated revenue of Rs 1,170 crores in FY25, up 33.71 percent from Rs 875 crores in FY24. Additionally, on a year-on-year basis, revenue grew 1.13 percent to Rs 268 crores in Q4 FY25 from Rs 265 crores in Q4 FY24. On a quarterly basis, revenue declined by 0.37 percent from Rs 269 crores.
It reported a net loss of Rs 122 crores in FY25 as compared to a profit of Rs 14 crores in FY24. Additionally, its loss widened to Rs 56 crores in Q4 FY25 as compared to Q4 FY24 and Q3 FY25 losses of Rs 1 crore and Rs 55 crores, respectively.
It reported a payment GMV growth of 12.29 percent to Rs 33,066.3 crores in Q4 FY25 from Rs 29,445.6 crores in Q3 FY25. It added over 40 lakhs of users in the latest quarter, with total registered users being 17.6 crores. It has a total merchant base of 46 lakhs as of Q4 FY25.
One 97 Communications (Paytm)
One97 Communications Limited, the parent company of Paytm, provides financial and digital payment services in India and internationally. It offers QR code, card machine, and online payment solutions, as well as services such as bill payments, recharges, ticket reservations, loans, insurance, and wealth management. The company also caters to merchants with lending, marketing, and loyalty solutions. It has a market capitalization of 55,674 crores.
The revenue of the fintech firm is mainly generated through services such as commission, merchant discount rate, convenience fees, etc Paytm reported a consolidated revenue of Rs 6,900 crores in FY25, down 30.85 percent from Rs 9,978 crores in FY24. Additionally, on a year-on-year basis, revenue declined 15.7 percent to Rs 1,912 crores in Q4 FY25 from Rs 2,267 crores in Q4 FY24. On a quarterly basis, revenue increased by 4.6 percent from Rs 1,828 crores.
It reported a net loss of Rs 663 crores in FY25 as compared to a loss of Rs 1,422 crores in FY24. It is facing difficulties in posting a profit as the company has delivered consistent losses in the few quarters as well.
It reported a payment GMV growth of 1.19 percent to Rs 5.10 lakh crores in Q4 FY25 from Rs 5.04 lakh crores in Q3 FY25. It has a total merchant base of 4.4 crores as of Q4 FY25, up by 7.31 percent from 4.1 crores a year ago.
Conclusion
Mobikwik is showing robust user growth and growing GMV, but is struggling with profitability. Paytm, on the other hand, while having a wider ecosystem, has revenue headwinds and is struggling on the bottom line. As the fintech sector gets squeezed under regulatory and competitive pressures, both businesses would have to balance scale and sustainability if they are to remain ahead.
Written by Satyajeet Mukherjee
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