MobiKwik loses 2nd top executive in 6 months

Business Oct 25, 2025

MobiKwik's Chief Operating Officer for consumer payments, Mohit Narain, has stepped down due to health reasons.
Narain, who joined in 2018, leaves just as the company is struggling—its net losses jumped to ₹42 crore in Q1 FY26, compared to ₹6.6 crore last year.
A big drop in revenue from financial services (down 65%) also pulled total revenue down by over 20%.

MobiKwik also faced ₹40 crore fraud case last month

On top of the financial hit, MobiKwik faced a ₹40 crore fraud case in September that exposed some serious app security gaps.
The app was processing payments even when details were entered incorrectly, raising big questions about digital payment safety.
All this adds up to a challenging moment for MobiKwik as it tries to regain trust and stability.