Kiwi, a fintech startup specialising in credit-on-UPI and virtual RuPay credit cards, has announced a leadership change as co-founder and Chief Business Officer Mohit Bedi steps down from his executive role after four years. The move is described by the company as a planned and orderly transition, with no disruption to operations.
Smooth handover and new leadership
Bedi will transition to an advisory position and remain with Kiwi until July 2026. He cited personal and family priorities for the change. He will retain a significant equity stake and has expressed confidence in the company’s current team and strategic direction.
Co-founder Siddharth Mehta and CEO Anup Agrawal will oversee day-to-day operations. Kiwi has appointed Sumeet Basrani, formerly of Cred, as the new Chief Business Officer to lead commercial functions going forward.
Plans after stepping back
Bedi plans to focus on advisory work, early-stage investments and angel funding. He has already backed a few startups and may explore new fintech ventures, though no formal announcement has been made. His prior experience includes senior roles at Axis Bank and PayU, where he built expertise in digital payments and credit products.
Company performance and outlook
Launched in 2022, Kiwi partners with banks such as AU Small Finance Bank, Yes Bank, Axis Bank and Punjab National Bank to offer virtual cards that link to UPI accounts. The startup has issued over 200,000 cards and processes more than 5 million transactions monthly across 600 cities.
Kiwi has raised about $43 million to date, including a $24 million Series B. Financially, the company reported revenue of ₹3.8 crore in FY25 and widened losses to ₹64.2 crore. Despite current losses, leadership says the firm is targeting profitability within two years.
Context
Bedi’s move reflects a broader trend in India’s startup ecosystem, where founders and senior executives often shift to advisory, investment or new entrepreneurial roles as companies mature. Kiwi’s transition highlights the importance of succession planning amid rapid growth and competitive pressures in digital credit and payments.
