• MobiKwik’s Consumer Payments COO Mohit Narain resigns due to health concerns.
• His exit follows another senior leadership change earlier this year.
• Company faces revenue decline and rising losses in Q1 FY26.

Digital payments company MobiKwik has announced the resignation of its Chief Operating Officer for Consumer Payments, Mohit Narain, due to health reasons. The company said Narain will step down effective October 24, 2025, following medical advice to take rest and focus on recovery.

Narain, who joined MobiKwik in mid-2018, played a key role in driving the company’s consumer payments business across UPI, wallet, QR, and device operations. He was elevated to the position of COO for Consumer Payments in February 2024, leading several strategic initiatives aimed at expanding MobiKwik’s digital payments ecosystem.

This marks the second major leadership exit from MobiKwik in 2025. Earlier in January, Chandan Joshi, co-founder and former CEO of the payments division, had stepped down. In response, the company had announced several internal promotions to strengthen its leadership team, Saurabh Dwivedi was appointed as Chief Technology Officer (CTO), while Dhruv Wadhera took over as Senior Vice President (SVP), Offline Payments.

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MobiKwik has faced financial pressure in recent quarters. Its operating revenue fell 21% to Rs 271 crore in Q1 FY26, compared to Rs 342 crore in Q1 FY25. Meanwhile, the company’s losses surged more than sixfold to Rs 42 crore during the same period.

Despite the challenges, MobiKwik said it remains focused on long-term growth and innovation in India’s competitive digital payments space.