Brattle Foods co-founder quits as MobiKwik's chief strategy officer
MobiKwik’s chief strategy officer Mrinal Sinha has resigned after four years, joining a number of top-level executives who have quit the digital payments firm over the past year.
Upasana Taku, who co-founded MobiKwik along with husband Bipin Preet Singh, confirmed the development on Twitter:
Sinha's resignation was first reported by news portal Entrackr, which said that he is currently serving his notice period and will leave next month.
It added that Sinha was looking after investment relations apart from overseeing operations at MobiKwik.
While MobiKwik declined to comment, email queries sent to Sinha about the reasons for his departure and his future plans did not elicit a response till the time of publishing this report.
Sinha had joined MobiKwik as head of strategy in late-2014, according to his LinkedIn profile.
He had earlier co-founded Brattle Foods, a food logistics company that was acquired by a unit of the Kishore Biyani-led Future Group in 2014.
Several senior executives have left MobiKwik over the past 12 months. These include payment gateway business head Rukaiya Rangwala, retail business head Vivek Sinha, business chief Vineet Singh and marketing and growth head Damandeep Singh Soni.
The company has since sought to beef up its leadership team.
In December, MobiKwik roped in Delhivery executive Sushant Kashyap to lead its payment gateway and international business.
Last July, the company strengthened its top leadership by appointing business heads for three different verticals. Former OLX executive Deepak Batra became the head of the online business, former Reckitt Benckiser executive Jalaj Khurana joined as the head of the unorganised retail vertical, while former Credit Suisse executive Chandan Joshi was tasked with overseeing organised retail.
A month before that, MobiKwik hired former Fullerton India Credit executive Vinayak N as head of its lending business.
Founded in 2009, MobiKwik competes with Alibaba-backed Paytm and Flipkart’s payments vertical, PhonePe. The company, which has raised more than $150 million till date, launched digital insurance services on its app in November last year as part of efforts to diversify its offerings.
Two months ago, MobiKwik raised $3.38 million in a bridge round led by existing investor Sequoia Capital India.
MobiKwik reported wider losses for the financial year 2017-18 even as its operating revenues more than doubled to Rs 77.2 crore.
Update: An earlier version of this story incorrectly mentioned Mrinal Sinha's designation as chief operating officer.