Mobikwik’s COO for consumer payments Mohit Narain steps down citing health reasons

Digital payments company Mobikwik told exchanges on Friday that Mohit Narain, chief operating officer for consumer payments, has stepped down from his post due to health reasons. He was relieved of his duties as of close of business today, it added.

Narain joined Mobikwik in 2018 as a product and growth coach after serving as an independent consultant to several startups for over two years. Before that, he worked with cloud communications provider ACL Mobiles, ending his 14-year-long stint in 2016.

In the quarter ended June 2025, the company saw its net loss widen over sixfold to Rs 42 crore from Rs 6.6 crore in the corresponding period last year. The Peak XV-backed company also reported a 20.7% year-on-year (YoY) decline in operating revenue to Rs 271.3 crore.


Mobikwik’s performance was impacted by a sharp slowdown in its financial services segment, with revenue plunging 65% YoY, from Rs 171 crore in Q1 FY25 to Rs 58 crore in Q1 FY26.

A sharp rise in financial guarantee expenses contributed to the widening of the net loss, as they surged nearly 10-fold to more than Rs 21 crore in the first quarter from Rs 2.5 crore a year earlier.

In September, Mobikwik was hit by a Rs 40 crore fraud, prompting a closer look at the security of payment apps. The accused exploited a glitch in the Mobikwik app that allowed transactions to be recorded as successful even when users had insufficient balances in their bank accounts or wallets or when incorrect passwords were entered.