MobiKwik’s Consumer Payments COO Mohit Narain resigns from his role, citing health concerns. His resignation will be effective from the close of business hours on October 24, 2025, the company informed stock exchanges.
Key Takeaways
- MobiKwik’s Consumer Payments COO Mohit Narain resigns effective October 24, 2025, due to health issues.
- His exit follows another major leadership change earlier this year.
- MobiKwik’s net loss widened sixfold, and revenue dropped 21% YoY in Q1 FY26.
- The company is now focused on profitability and product innovation amid strong market competition.
Narain joined MobiKwik in 2018 as a product and growth coach and was promoted to Chief Operating Officer for consumer payments in early 2024. He managed key verticals, including UPI, wallet, QR, and devices, helping drive MobiKwik’s digital payment ecosystem.
In his resignation letter to CEO Bipin Preet Singh, Narain said he had been advised to take complete rest and focus on recovery.
“This has been a very difficult decision for me, but due to ongoing health issues, I have been advised to take full rest and focus on my recovery,” he stated.
Second Major Exit in 2025
The resignation of MobiKwik’s Consumer Payments COO Mohit Narain marks the second senior-level departure this year. In January 2025, Chandan Joshi, co-founder and CEO of the payments division, also stepped down.
Earlier in 2025, the company promoted Saurabh Dwivedi as Chief Technology Officer and Dhruv Wadhera as Senior Vice President for Offline Payments, signaling internal leadership restructuring to maintain operational stability.
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MobiKwik’s Financial Performance Under Pressure
MobiKwik’s recent financials have shown signs of stress. In the June 2025 quarter, the company’s net loss widened sixfold to ₹42 crore from ₹6.6 crore a year ago.
Operating revenue fell 21% year-on-year to ₹271 crore, primarily due to a 65% decline in revenue from its financial services segment, down from ₹171 crore in Q1 FY25 to ₹58 crore in Q1 FY26.
Analysts attribute this slowdown to weaker performance in credit products, though its UPI, wallet, and QR business remain steady contributors.
Future Focus and Strategic Direction
Despite short-term challenges, MobiKwik aims to strengthen its digital payments and lending ecosystem through AI-driven innovations and product diversification. The company continues to compete with Paytm, PhonePe, and Google Pay, focusing on profitability and user retention.
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