India, Aug. 3 -- The frenzy over India's startup IPOs could be back in fashion, but for several of the new entrants to the market last year, the honeymoon is already over. Like MobiKwik, which has been in a world of pain since the listing.

MobiKwik's net loss increased over six times on a year-on-year basis to INR 41.9 Cr, from INR 6.6 Cr for the same quarter last year, while operating revenue declined 20.7% YoY to INR 271.3 Cr.

And yet, the story isn't entirely one of decline. MobiKwik delivered its highest-ever payments gross margin and GMV growth during the quarter, signalling underlying strength in its core payments business. Sequentially, losses narrowed, contribution margins expanded, and unit economics improved - so is MobiKwik g...