One Mobikwik Systems Limited, a prominent player in India's fintech landscape, has announced a significant change in its leadership team. Mohit Narain, the company's Chief Operating Officer for Operations (Payments), has tendered his resignation, effective October 24, 2025.

Resignation Details

Narain's departure, primarily attributed to health reasons, marks the end of his tenure at the Gurugram-based fintech company. In his resignation letter addressed to Bipin Preet Singh, Managing Director and CEO of MobiKwik, Narain expressed that he had been advised to take full rest and focus on his recovery, necessitating this difficult decision.

Key Information

Corporate Disclosure

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, MobiKwik has formally disclosed this development to the National Stock Exchange of India Limited and BSE Limited. The company's filing includes the resignation letter and relevant details as mandated by SEBI regulations.

Narain's Farewell

In his resignation letter, Narain expressed gratitude for the opportunities and support he received during his time at MobiKwik. He stated, "It has been a privilege to work with such a dedicated and talented team and I am truly appreciative of all that I have learned here."

Company Response

While the company has not announced an immediate successor, MobiKwik acknowledged Narain's contributions in its regulatory filing. The fintech firm, known for its digital payment solutions and financial services, is expected to manage this transition as it continues to navigate the competitive fintech landscape in India.

This development comes at a time when the fintech sector in India is experiencing rapid growth and evolution. MobiKwik, as a key player in this space, will likely be focusing on ensuring a smooth transition in its payments operations leadership.

As the company moves forward, stakeholders will be keen to observe how this change in senior management might influence MobiKwik's strategic direction and operational efficiency in the dynamic fintech market.

One Mobikwik Systems , a leading fintech company, is considering applying for a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI). This move comes after the company invested Rs 9.99 crore in its subsidiary, Mobikwik Financial Services Pvt, in October.

Strategic Investment and License Application

MobiKwik co-founder Upasana Taku revealed that the company has incorporated the subsidiary with the minimum required capital and may file for the NBFC license. The proposed NBFC aims to operate in leasing and hire purchase deals for various assets, including:

• Machinery
• Equipment
• Vehicles
• Real estate

Business Model Clarification

MobiKwik emphasized that it does not intend to become a direct lender. Instead, the company aims to:

1. Better understand its users
2. Facilitate matchmaking with lending partners

This approach aligns with MobiKwik's strategy to enhance its financial services offerings while maintaining its core business model.

Financial Performance

MobiKwik's recent financial results reveal some challenges:

The company attributed the decline in financial services revenue to:

• Industry moderation in unsecured lending
• Strategic shift away from buy-now-pay-later products
• New accounting treatments

Future Outlook

Despite the current challenges, MobiKwik remains optimistic about its future performance. The company expects to achieve EBITDA breakeven in the second half of fiscal 2026.

As MobiKwik navigates the evolving fintech landscape, its potential entry into the NBFC space could open new avenues for growth and diversification. However, the company will need to address the recent revenue challenges and capitalize on the growth in its payments business to achieve its financial goals.