Update: Upasana Taku, co-founder of MobiKwik has reached out to Medianama to deny the report that Puneet Agarwal, Chief Risk Officer (CRO) of the company had resigned last week. Taku claimed that the report was incorrect and the original article, published by Entrackr was carried out without a confirmation by MobiKwik.

Following Mobikwik’s retort, Entrackr co-founder, Jai Vardhan tweeted that the publication stands by its initial report:

Earlier: Puneet Agarwal, Chief Risk Officer (CRO) at MobiKwik has reportedly resigned from the company last week and is expected to exit from the firm in August, according to Entrackr. Agarwal had joined the company in December 2017. Prior to this, he had worked with Ratnakar Bank Limited (RBL) and Royal Bank of Scotland (RBS). Agarwal at the time of joining the company said his role would involve creating lending policies, risk models and portfolio management strategies to help acquire the right set of customers for the Gurugram based startup, according to a report by the Economic Times. At that time, he was also expected to drive the company’s efforts to create lending products in partnership with banks and NBFCs, the ET report said.

The company has already started scouting for Agarwal successor, according to the report.  Further, the Entrackr report says that according to a LinkedIn post of Bipin Preet Singh, co-founder and CEO MobiKwik, the company is looking for a CRO.

Top-management exits at MobiKwik

Over the course of the last of the last few months, MobiKwik has seen a spate of top management exists from the company. Consequently, with Agarwal’s departure, the payments company is left only with a handful of senior-level functions, says Entrackr. While Vineet Singh (Chief Business Officer) had put in his papers in April, Daman Kohli who was looking marketing had moved out last month. MobiKwik’s Chief Product Officer (CPO) Rohan Khara had also resigned in January of this year to join Go Jek in Indonesia. In April, Rukaiya Rangwala, who was heading payment gateway & online business at MobiKwik also left the company within a year.  Last year, Akash Gupta, Vice President – Marketing has quit the company to pursue his entrepreneurial dreams. According to Entrackr, currently, the company is operating without CMO, CPO, CBO, and CRO.

MobiKwik’s recent moves

Earlier this month, MobiKwik announced the launch of a new service that will offer instant loans of Rs. 5000 on its application. The service was conceived in partnership with Bajaj Finserv. The move was largely expected as the Reserve Bank of India’s new KYC norms led to a dip in the usage of mobile wallets and have had an impact on the core product of most payment companies. As such, MobiKwik was seen shifting its focus on creating a lending business. Mobikwik’s biggest competitor Paytm has also reacted by diversifying its business into the personal finance space. Paytm is reportedly trying to enter the lending space and is seeking a licence from the central bank to become a peer-to-peer lending platform.