New Delhi, Aug. 1 -- MobiKwik, an Indian Fintech company with specialization in mobile phone-based payment systems, suffered a major loss for the June Quarter. The net loss rose to Rs 41.9 crore, which is about six per cent more compared to the Rs 6.6 crore during the same period last year.
The company pointed towards macroeconomic instability and a slowdown in unsecured lending space behind this significant loss. Additionally, the recent transition towards the default loss guarantee (DLG) model also affected profitability. Under the Default Loss Guarantee model, firms source loans for lenders and agree to cover the losses in case borrowers default.
The company issued a letter to shareholders showing optimism regarding the comeback of gro...