Digital payments major MobiKwik announced that its Chief Operating Officer (COO) for Consumer Payments, Mohit Narain, has resigned from his position due to health reasons.
According to a stock exchange filing, Narain will step down effective October 24, 2025, at the close of business hours. The company stated that the decision followed medical advice for Narain to take a break and focus on his recovery.
Narain, who joined MobiKwik in 2018, played a key role in strengthening the company’s consumer payments business, overseeing operations across UPI, wallet, QR, and device payments. He was elevated to the role of COO for Consumer Payments in February 2024.
Second Senior Exit This Year
This marks the second major leadership exit at MobiKwik in 2025. Earlier in January, Chandan Joshi, co-founder and CEO of the payments division, had stepped down from his role.
In response, the company implemented a series of leadership promotions to reinforce its management structure — Saurabh Dwivedi was promoted to Chief Technology Officer (CTO), while Dhruv Wadhera took on the role of Senior Vice President (SVP), Offline Payments.
Financial Performance and Growth Outlook
Despite a strong brand presence in India’s fintech ecosystem, MobiKwik’s financial performance in Q1 FY26 reflected operational challenges. The company’s operating revenue fell 21% year-on-year, dropping to ₹271 crore from ₹342 crore in Q1 FY25. Meanwhile, net losses surged over sixfold to ₹42 crore during the same period.
MobiKwik continues to focus on strengthening its digital payments ecosystem, particularly across UPI, wallets, and merchant QR integrations, as it navigates a competitive fintech landscape led by PhonePe, Google Pay, and Paytm.
The company has not yet announced a successor for the COO position.
By: Arushi Agarwal
