MobiKwik’s Payments Head Chandan Joshi Quits

SUMMARY

Chandan Joshi, the cofounder and CEO of MobiKwik’s payments division, stepped down citing family commitments

Joshi, who joined MobiKwik in 2018, was elevated to the role of cofounder and payments CEO in September 2020

Joshi joined MobiKwik in 2018 as online and offline business head

Fintech major MobiKwik’s cofounder and chief executive officer (CEO) of payments division Chandan Joshi has resigned, citing family commitments. 

“Mr. Chandan Joshi, cofounder & CEO – payments division, has tendered his resignation from the services of the company to be effective from January 24, 2025 due to family commitments and personal reasons,” the fintech company said in an exchange filing.

Joshi was elevated to the role of cofounder and payments CEO in September 2020, as per his LinkedIn profile. He worked with the company for almost seven years. He joined in 2018 as online and offline business head. 

“It has been my privilege to contribute to MobiKwik’s growth and success during my tenure. I wish MobiKwik continued success in all its endeavours and have the utmost confidence in the leadership team to steer the company towards even greater achievements,” Joshi said in his resignation mail. 

Joshi earlier worked at Switzerland-based investment banking company Credit Suisse from 2010-2014. He also founded logistics company Paketts in 2015. 

MobiKwik, founded in 2009 by Bipin Preet Singh and Upasana Taku, is a digital banking platform that offers a range of payments and financial products to retail customers and merchants, such as digital wallet, UPI, pocket UPI, and Zaakpay (payment gateway).

In December last year, it became the second fintech company to go public in India after Paytm. Shares of MobiKwik got listed at INR 442.25 on the BSE, a 58.5% premium to the IPO price of INR 279. 

Last week, the company joined hands with Piramal Capital and Housing Finance (Piramal Finance) to offer personal loans of up to INR 2 Lakh to users across the country. 

Earlier this month, the company reported a net loss of INR 3.59 Cr in the second quarter of the ongoing fiscal year (Q2 FY25). Sequentially, the company was able to trim its loss by about 45% from INR 6.62 Cr. Its top line zoomed 42% to INR 290.65 Cr during the quarter under review from INR 203.45 Cr in Q2 FY24.

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