MobiKwik's payments CEO Chandan Joshi quits
25 Jan 2025, 12:48 AMChandan Joshi, co-founder and CEO-payments division has resigned, effective from January 24, 2025, due to personal reasons.
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Chandan Joshi, co-founder and CEO of MobiKwik's payments division has resigned from the company citing personal reasons.
In an exchange filing, the Gurugram-based fintech said, "Chandan Joshi, co-founder and CEO - payments division has tendered his resignation from the services of he company, effective from January 24, 2025 due to family commitments and personal reasons."
In an email dated January 24th, Joshi mentioned that he is resigning owing to certain personal reasons and family commitments with immediate effect.
“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 added.
In September 2020, Joshi was elevated from senior vice president-payments role to the CEO of the unit. Also, this was the first time the company bestowed the co-founder title to an executive outside the original founding team. He joined the payments company in 2018.
Mobikwik made its stock exchange debut last month with an a premium of 59% on its issue price on the first day of its listing. The company's market capitalization stands at Rs 3270.98 crore.
Earlier this month, the company announced its quarterly results for the second quarter of fiscal year 2024-2025 (Q2 FY25). For the quarter ended September 30, 2024, the fintech posted Rs 290.6 crore in revenue from operations, up from revenue of Rs 203.4 crore seen in the previous year. However, on a sequential basis, the revenue fell from Rs 342 crore.
The company posted a net loss of Rs 3.6 crore for Q2 FY25 compared to a profit of Rs 5 crore posted a year earlier. On Q-o-Q basis, the loss has come down from Rs 6.3 crore.
Peak XV Partners (formerly Sequoia) post the listing divested 1.5% stake (12.01 lakh shares) in MobiKwik through a bulk deal on the National Stock Exchange. The shares were disposed of at an average price of Rs 679.38 apiece, taking the deal value to Rs 81.63 crore.
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