Mobikwik’s COO for consumer payments Mohit Narain steps down

Digital payments company Mobikwik announced on Friday that Mohit Narain, Chief Operating Officer for Consumer Payments, has resigned due to health reasons. He stepped down at the end of the business day, the company said.

Narain joined Mobikwik in 2018 as a product and growth coach, after spending over two years as an independent consultant for startups. Earlier, he worked at cloud communications company ACL Mobiles, finishing a 14-year tenure in 2016.

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In the quarter ending June 2025, Mobikwik’s net loss rose more than six times to ₹42 crore from ₹6.6 crore in the same period last year. The Peak XV-backed company also saw its operating revenue fall 20.7% year-on-year to ₹271.3 crore.

Mobikwik’s results were hit by a steep drop in its financial services segment, with revenue falling 65% year-on-year, from ₹171 crore in Q1 FY25 to ₹58 crore in Q1 FY26.

The net loss widened partly due to a nearly tenfold rise in financial guarantee expenses, which jumped to over ₹21 crore from ₹2.5 crore a year ago.

In September, Mobikwik faced a ₹40 crore fraud, raising concerns about payment app security. The perpetrators exploited a glitch that recorded transactions as successful even when users had insufficient funds or entered wrong passwords.

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