Mosambee, the Pine Labs-backed mobile point-of-sale (mPOS) operator, has continued to grow profitably year after year. The corporation raised its operating scale by over 28% in the fiscal year ending March 2024, while its profit increased by 87% over the same period. Mosambee's revenue from operations increased to Rs 240 crore in the last fiscal year, up from Rs 187 crore in FY23, according to annual financial papers obtained from the Registrar of Companies (RoC).

Mosambee is an EMV-enabled mPOS system that accepts debit and credit cards, as well as mobile payments. Income from service renting, transaction processing, and settlement accounted for 68% of total income, which climbed by 52.3% to Rs 163 crore in FY24. The remaining operating revenue came from the sale of PoS (point of sale) devices, which fell 3.4% to Rs 77 crore in the previous fiscal year, compared to Rs 80 crore in FY23.

On the cost side, device procurement became the largest cost center, accounting for 40% of total costs. This cost increased by 15.3% to Rs 83 crore in FY24 from Rs 72 crore in FY23. In FY24, its employee benefit grew by 5.2% to Rs 61 crore, including Rs 8.7 crore for ESOP costs (non-cash). The firm's spending on legal, technology, communication, transaction services, and other overheads increased total expenditure by 19.4% to Rs 203 crore in Financial Year 2024.

Mosambee's profits increased by 86.7% to Rs 28 crore in FY24 because to strong growth and reduced expenditure. Its ROCE and EBITDA margins increased to 31.25% and 23.33 percent, respectively. Mosambee's expense-to-earnings ratio stood at Rs 0.85 in the previous fiscal year. During the fiscal year, the company's total current assets were Rs 296 crore, with cash and bank balances totaling Rs 13 crore.

Pine Labs purchased a majority ownership in Mosambee in April 2022, increasing its valuation to well over USD 100 million. Mosambee previously announced in February 2022 the acquisition of Benow, a digital payments and EMI technology platform. Mosambee, on the other hand, closed a Series B funding round in March of this year with Rajasthan Venture Capital Fund (RVCF) and SIDBI Venture Capital Ltd.