Paytm COO Bhavesh Gupta quits; company rejigs senior management

PTI, May 5, 2024, 9:32 AM IST

Paytm’s parent company One97 Communications president and chief operating officer Bhavesh Gupta has resigned from the company, an official statement said on Saturday.

Gupta was steering the lending business, online and offline payments, and compliances, among others, at Paytm. Verticals, headed by him, were adversely impacted by the RBI’s ban on Paytm Payments Bank (PPBL) from carrying on new transactions.

”Bhavesh Gupta, President and Chief Operating Officer, who was overseeing the payments and lending businesses, has decided to take a career break due to personal reasons. He will be transitioning to an advisory role, offering guidance for Paytm’s growth initiatives until the end of the year,” the statement said.

Gupta joined Paytm in August 2020 from Clix Capital, formerly GE Capital.

He will be relieved from the services of the company on May 31.

Paytm had estimated a Rs 300-500 crore loss due to the RBI’s restriction on PPBL.

It had to pause its lending business, which is learnt to have resumed now.

As part of a change in leadership structure, fintech firm Paytm has appointed Rakesh Singh as chief executive officer of Paytm Money.

”Rakesh Singh has recently been appointed as the new Chief Executive Officer of Paytm Money Ltd. With over two decades of experience, Rakesh Singh was previously the CEO of the stock broking business at Fisdom and has held key management positions with ICICI Securities and Standard Chartered Bank,” the statement said.

The company has moved Varun Sridhar, who was heading Paytm Money, as CEO of Paytm Services — which deals in the distribution of mutual funds and other wealth management products.

”I would like to thank Bhavesh for his contributions and his role in ensuring a smooth transition. Our focus on payments and lending is stronger than ever, and I will work with the seasoned leaders that we have in each of our businesses to execute our plans,” Paytm CEO Vijay Shekhar Sharma said.

He appreciated Sridhar’s contribution in expanding Paytm’s role in deepening the penetration of mutual fund and wealth management products in the country.

”I welcome Rakesh to Paytm Wealth business where we are committed to building world-class technology-led wealth offerings to young Indians,” Sharma said.