Founded in 2008, Mumbai-based Mobileware Technologies specializes in API banking and digital payment solutions, catering to clients in the banking, insurance, and financial services sectors. Initially focused on mobile application development for platforms like Symbian, Blackberry, iOS, and Android, the company transitioned into mobile banking and digital banking products in 2013, leveraging its founders’ expertise in banking and telecom. Its product offerings include bill payment solutions, Aadhaar-enabled payments, UPI-based transactions, and a comprehensive mobile banking platform.
In the fiscal year 2023 (FY23), Mobileware generated revenue of Rs 10.93 crore, which surged to Rs 17.06 crore in FY24. Expenses also grew from Rs 10.3 crore in FY23 to Rs 16.3 crore in FY24. Consequently, the company’s profit rose slightly from Rs 72.35 lakh in FY23 to Rs 76.38 lakh in FY24.
The EBITDA margin improved from 13.21% in FY23 to 13.70% in FY24, while Return on Capital Employed (ROCE) rose from 16.05% to 18.65%.
Employee benefit costs accounted for 51.84% of total expenses in FY24, down from 61.74% in FY23, reflecting optimized workforce expenses. Advertisement costs remained minimal at 0.48% in FY24, compared to 0.37% in FY23. Depreciation increased to 4.35% in FY24 from 2.62% in FY23, while finance costs remained stable at 5.21% in FY24, up from 5.14% in FY23.
Mobileware Technologies has raised a total of Rs 50.96 crore across two funding rounds, with its latest Seed round closing on September 25, 2024.
The company was co-founded by Satyajit Kanekar and Amitabh Kanekar, with Amitabh Kanekar holding 30.65%. Other key shareholders include Chandrashekhar Mundalay (8.73%), Carlin Crastro (3.77%), and ESOP holders (1.98%).
As Mobileware Technologies continues to scale, its focus remains on enhancing digital banking infrastructure, strengthening UPI and Aadhaar-based transactions, and innovating in API-driven financial solutions, positioning itself as a key enabler in India’s evolving fintech ecosystem.