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MobiKwik’s Consumer Payments COO Mohit Narain steps down

EntrackrEntrackr · 14h ago
MobiKwik’s Consumer Payments COO Mohit Narain steps down
Medial

MobiKwik’s Consumer Payments COO Mohit Narain steps down Digital payments company MobiKwik has announced the resignation of its Chief Operating Officer for Consumer Payments, Mohit Narain, citing health reasons. According to a stock exchange filing, Narain will step down from his role effective from the close of business hours on October 24, 2025. The company said his decision comes after being advised to take rest and focus on recovery. Narain joined MobiKwik in mid-2018 and was elevated to COO for Consumer Payments in February last year to oversee operations across UPI, Wallet, QR, and devices. This is the second high-profile exit from the company in 2025. In January, Chandan Joshi, the co-founder and CEO of the payments division, stepped down. The firm had also announced key leadership promotions earlier this year to strengthen its core operations. In January, Saurabh Dwivedi was promoted to Chief Technology Officer (CTO), while Dhruv Wadhera was elevated to Senior Vice President (SVP), Offline Payments. MobiKwik’s operating revenue fell 21% to Rs 271 crore in Q1 FY26 from Rs 342 crore in Q1 FY25, while the company’s losses rose over 6X to Rs 42 crore in Q1 FY26 compared to the same quarter last year.

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MobiKwik’s Zaakpay ​​receives RBI nod to operate as online payment aggregator

EntrackrEntrackr · 5m ago
MobiKwik’s Zaakpay ​​receives RBI nod to operate as online payment aggregator
Medial

MobiKwik’s Zaakpay ​​receives RBI nod to operate as online payment aggregator. Fintech company MobiKwik announced today that its subsidiary, Zaakpay, has received a certificate of authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This regulatory approval allows Zaakpay to expand its role in India’s rapidly growing digital payments ecosystem. As an RBI-authorised payment aggregator, Zaakpay will now be able to onboard merchants and facilitate online payment transactions in compliance with the central bank’s guidelines. In a regulatory filing, the company emphasized that this milestone enhances Zaakpay’s capacity to scale its operations and deepen its presence in the digital payments market. Recently, the Gurugram-based company forayed into the securities broking space with the launch of its wholly owned subsidiary, MobiKwik Securities Broking Private Limited (MSBPL). As of Q3 FY25, MobiKwik’s registered user base had grown to 172 million, along with a merchant network of 5 million. In the third quarter of the previous fiscal year, it reported revenue of Rs 269 crore and a loss of Rs 55.2 crore.

Mobikwik losses surge 6X in Q1 FY26

EntrackrEntrackr · 2m ago
Mobikwik losses surge 6X in Q1 FY26
Medial

Mobikwik losses surge 6X in Q1 FY26 Fintech platform MobiKwik reported its quarterly results for the first quarter of the ongoing fiscal year (FY26), with revenue declining 20.8% year-on-year and losses rising over six-fold. MobiKwik’s revenue from operations decreased by 20.8% to Rs 271 crore in Q1 FY26 from Rs 342 crore in Q1 FY25. Commissions on recharges, processing, and interest on servicing loans, payment gateways, as well as platform fees were the primary revenue sources for MobiKwik in Q1 FY26. The company has 180.2 million registered users and 4.64 million merchants at the end of the first quarter (FY26). For the payments platform, payment gateway costs accounted for the largest expense, making up 46% of the total cost of Rs 143 crore in Q1 FY26. Employee benefit expenses stood at Rs 42 crore, while lending fees amounted to Rs 29 crore. MobiKwik’s financial guarantee, legal, advertising-marketing, finance, and other overheads took its total burn to Rs 313 crore in Q1 FY26. MobiKwik’s losses rose over six-fold to Rs 42 crore in Q1 FY26, compared to Rs 6.6 crore in the same quarter last year. For the fiscal year ended in March 2025, it reported a net loss of Rs 121.5 crore. Earlier this month, Mobikwik received approval from SEBI to operate as a stockbroker and clearing member through its wholly owned subsidiary, Mobikwik Securities Broking Private Limited (MSBPL). At the end of Thursday's session, Mobikwik’s stock was trading at Rs 246.80 with a total market capitalization of Rs 1,929 crore or approximately $227 million.

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