Digital payments firm Mobikwik announced to stock exchanges that Mohit Narain, the chief operating officer overseeing consumer payments, has resigned from his position citing health concerns. The company stated that his departure became effective at the end of business that day.

Narain became part of Mobikwik in 2018 in the role of product and growth coach, following more than two years as an independent advisor to various startups. Prior to this, he was employed at cloud communications company ACL Mobiles, where he concluded a 14-year tenure in 2016.

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During the quarter that concluded in June 2025, the firm experienced a significant expansion of its net loss, increasing more than six times to Rs 42 crore compared to Rs 6.6 crore in the same quarter of the previous year. The company, which has backing from Peak XV, also recorded a 20.7 percent year-over-year drop in operating revenue, falling to Rs 271.3 crore.

The company's results were affected by a substantial deceleration in its financial services division, where revenue dropped dramatically by 65 percent year-over-year, declining from Rs 171 crore in Q1 FY25 to Rs 58 crore in Q1 FY26.

A dramatic increase in financial guarantee costs played a role in expanding the net loss, as these expenses jumped almost ten times to over Rs 21 crore in the first quarter compared to Rs 2.5 crore in the same period the previous year.

In September, Mobikwik suffered a Rs 40 crore fraudulent scheme, leading to increased scrutiny of payment application security measures. The perpetrators took advantage of a system flaw in the Mobikwik application that enabled transactions to appear successful despite users having inadequate funds in their bank accounts or digital wallets, or when wrong passwords were used.

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Following the requirements of Regulation 30 under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, MobiKwik has officially reported this matter to both the National Stock Exchange of India Limited and BSE Limited. The organization's submission contains the letter of resignation and pertinent information as required by SEBI guidelines.

Although no immediate replacement has been declared by the company, MobiKwik recognized Narain's service record in its regulatory documentation.

The financial technology company, recognized for its digital payment platforms and financial offerings, is anticipated to handle this leadership change while continuing to compete in India's challenging fintech environment.

 

This occurrence happens during a period when India's fintech industry is undergoing swift expansion and transformation. MobiKwik, being a significant participant in this sector, will probably concentrate on facilitating a seamless leadership transition within its payment operations division.

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Moving ahead, interested parties will be eager to monitor how this shift in executive leadership could affect MobiKwik's business strategy and performance effectiveness within the rapidly changing fintech marketplace.