Update: Puneet Agarwal who was Chief Risk Officer at Mobikwik, has now joined Chinese fintech company WeCash as its chief risk officer for its India operations.
Earlier exclusive report: Digital payment company Mobikwik continues to grapple with senior level exits. After Vineet Singh and Daman Soni left the firm this year, Puneet Agarwal, Chief Risk Officer (CRO) of the Gurugram-based company had resigned last week.
“Agarwal had resigned last week and is expected to make an exit by August (i.e; next month),” reveal two sources aware with the matter. The sources requested anonymity as they don’t want to jeopardise the ongoing relationship with the company.
With Agarwal departure, MobiKwik has left only with a handful of senior-level functions. While Singh (Chief Business Officer) had put in his papers in April, Soni who was looking marketing had moved out last month.
MobiKwik’s Chief Product Officer (CPO) Rohan Khara had resigned in January this year to join Go Jek in Indonesia.
Entrackr has reached out to Agarwal and MobiKwik for comments. While Agarwal declined to comment, in an email response, MobiKwik says,”There is no merit in this. In fact, we are in the process of expanding our risk team.”
Currently, the company is operating without CMO, CPO, CBO, and CRO.
Agarwal departure has come as a jolt to the Sequoia-funded company as it doesn’t have a strong leadership team in the place like its peers – Paytm and PhonePe.
Agarwal had joined the company in December 2017. Previously, he had worked with Ratnakar Bank Limited (RBL) and Royal Bank of Scotland (RBS). The company has already started scouting for Agarwal successor.
According to a LinkedIn post of Bipin Preet Singh, co-founder and CEO MobiKwik, the company is looking for a CRO.
Over the past couple of years, quick penetration of Paytm and PhonePe have stifled the growth trajectory for the Bajaj Finserv-backed company. Both MobiKwik and Freecharge had lost a significant market share to aforementioned rivals.
One of the latecomers in UPI league, Mobikwik had recently integrated its platform with government-owned unified payment interface. Earlier this month, it launched an instant credit facility for customers and small businesses.
Through its Insta Credit product, the company eyes to tap the market for small credit products.
Since the beginning of this year, MobiKwik has been facing key exits at the top level.
The company has been also eyeing to raise a fresh round to compete for the onslaught by rivals Paytm and PhonePe. The back-to-back exits of senior functions are indeed a setback to the company, and it would be interesting to see how it copes up with the series of movements.