MobiKwik faces second senior exit this year as COO steps down

Digital payments firm MobiKwik announced that Mohit Narain, Chief Operating Officer for Consumer Payments, has resigned from his position citing health reasons. The company said his resignation will take effect from the close of business hours on 24 October 2025, according to a stock exchange filing.

MobiKwik stated that Narain’s decision followed medical advice to rest and focus on recovery. The company added that it would soon announce a successor to ensure business continuity across its consumer payments verticals.

Narain joined MobiKwik in mid-2018 and played a key role in scaling the company’s consumer payments business, including UPI, wallet, QR code, and device-based transactions. He was elevated to COO for Consumer Payments in February 2024, a role that saw him lead product integration and operational efficiency in a period of increasing competition within India’s fintech ecosystem.

This marks the second high-profile leadership exit from MobiKwik in 2025. In January, co-founder Chandan Joshi stepped down as CEO of the payments division. Around the same time, the company undertook a broader leadership realignment—Saurabh Dwivedi was promoted to Chief Technology Officer, while Dhruv Wadhera became Senior Vice President for Offline Payments.

The exits come amid a challenging phase for the Gurugram-based fintech player. In the first quarter of FY26, MobiKwik’s operating revenue fell 21 per cent to ₹271 crore, compared with ₹342 crore in the same period last year. The company’s net loss widened more than sixfold to ₹42 crore, reflecting pressure on margins in its payments and consumer lending businesses.

MobiKwik has been preparing for a public listing and restructuring its operations to strengthen profitability. Analysts said leadership changes in quick succession could momentarily affect strategic execution but may also signal an internal reset aimed at stabilising its growth model.

Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik is one of India’s earliest home-grown digital payments firms, competing with players such as Paytm, PhonePe, and Google Pay. The company operates a diversified portfolio spanning UPI payments, wallets, BNPL (Buy Now, Pay Later) credit, and small-ticket lending products.

While Narain’s departure adds to a series of senior-level shifts, the company is expected to continue focusing on expanding its payments footprint and improving operating efficiency as competition in India’s digital payments space intensifies.