DALLAS and MUMBAI, India, Dec. 14, 2017 /PRNewswire/ -- MoneyOnMobile, Inc. (OTCQB: MOMT) today reported November 2017 financial results, including the following highlights:
November 2017 net revenue was $916k, more than three times November 2016 net revenue
November 2017 was down from October 2017 by 8%
November 2017 was up from September 2017 by 22%
Total monthly net revenue has grown by 230% since January 2017
"We experienced a fantastic festival season in October at MoneyOnMobile, as shown in our October 2017 revenue numbers, which were up 33% over September. The country's celebration of Diwali, celebrated on October 19, is similar in importance in India to Christmas in the U.S. with people buying gifts for others and travelling to see family. India's November, therefore, is similar to the U.S.'s January as the country returns back to normal. Our November 2017 revenue was up three times over November 2016 and up over September 2017 by 22% continuing our positive trend for the year," said Ranjeet Oak, Jt. Managing Director, MoneyOnMobile (India).
"If you look at the Reserve Bank of India's data on debit and credit card transactions for the entire country, five of the previous six years of available data (2011-2016) show November processing volume is down from October with an overall average of -12% month-on-month over all six years. Our November 2016 to November 2017 growth as well as Sept to Nov growth of 22% show the demand for our services continues to remain high," said Harold Montgomery, Chairman and CEO of MoneyOnMobile, Inc.
Total Monthly Revenue since June 2017
Monthly Revenue (₹)
Monthly Revenue ($)
Change over Previous Month
About MoneyOnMobile, Inc.
MoneyOnMobile, Inc. is a global mobile payments technology and processing company offering mobile payment services through its Indian subsidiary. MoneyOnMobile enables Indian consumers to use mobile phones to pay for goods and services or transfer funds from one cell phone to another. It can be used as simple SMS text functionality or through the MoneyOnMobile application or internet site. MoneyOnMobile has more than 350,000 retail locations throughout India.
Safe Harbor Statement
This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed on July 6, 2017. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise