Update: MobiKwik has clarified that Mrinal Sinha was the COO of the company only for a brief period in 2015-16, but has been its Chief Strategy Officer for the last 2.5 years. The company did not have a COO after Sinha moved to being the CSO.* (see below)
— Upasana Taku (@UpasanaTaku) February 19, 2019
Sinha joined MobiKwik in December 2014 as its head of strategy and went on to become the COO in August 2015. *MobiKwik told Entrackr that Sinha had been the CSO for the last 2.5 years, but both, the company’s website and Sinha’s LinkedIn reflect as him being the COO.
Sinha is currently serving his notice period and will leave next month. He has previously worked with McKinsey and Co., Michael and Susan Dell Foundation, EMC and co-founded Brattle Foods before joining MobiKwik.
‘Top level exits should be a concern’
In December, MobiKwik appointed Sushant Kashyap as the head for its payment gateway and international business, which it is looking to grow by 400% this year. Kashyap’s position was previously held by Rukaiya Rangwala who joined MobiKwik in April 2017, but left within a year.
The churn at MobiKwik’s top leadership for the last 2 years has not been a secret. In November 2018, MobiKwik shut down two of its offices, laid off several employees, and scaled back its retail business. At the time, a source told MediaNama, ‘The writing was clear on the wall when there was no big fundraise last year.’ Top leadership ‘knew nothing would happen,’ leading to a string of exits, they added.
- Vineet Singh (Chief Business Officer) and Akash Gupta, VP of Marketing quit the company in 2017.
- This was followed by Daman Soni (CMO), Vivek Sinha (Retail Head), Rukaiya Rangwala, the head of the payment gateway & online business, and Rohan Khara (Chief Product Officer) who all left this year.
- MobiKwik’s CRO, Puneet Agarwal, also left in 6 months after joining earlier this year, a development the company denied to MediaNama. Agarwal now works at WeCash.
Financials: Last month, MobiKwik reported revenues of Rs 85.6 crore in 2018, up 48% from Rs 44.3 crore in 2017. But its losses swelled to Rs 200 crore, up 51% from Rs 132 crore in 2018 vs 2017. It plans to double its 2018-19 revenues and halve its losses by the end of FY 2019, the company said.
Edit: The headline has been updated to reflect that Sinha is the CSO and not COO of MobiKwik, as per MobiKwik’s clarification.