Paytm announces leadership change to double down on payments, financial services offerings; Bhavesh Gupta to move to advisory position

Paytm (File Photo)

New Delhi [India], May 4 (ANI): One97 Communications Limited (OCL), which owns the brand Paytm, is expanding its leadership team to build “a large and profitable payment and financial services distribution business” and has widened its leadership team to work directly with the Paytm CEO and senior management for the next phase of growth, the company said on Saturday.

In a regulatory filing with the exchanges, One97 said Bhavesh Gupta, president and Chief Operating Officer of the company, has resigned to move to an advisory position as part of overall organisational restructuring.

The company said the move to expand the leadership team is aligned with its ambition to ensure Paytm’s sustained growth across key business verticals, foster innovation and strengthen its group structure for sustainability and regulatory compliance.

“Paytm’s payment and credit businesses are led by Chief Operating Officers and Chief Business Officers, each with over five years of experience at Paytm and 20-26 years of total work experience in relevant industries. This seasoned leadership team will now work directly with Paytm’s CEO and other senior management. The Company has been focusing on strengthening the roles of its next line of leaders and robust succession planning,” a release said.

” 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 leadership will focus on profitable business expansion and is committed to regulatory compliance,” it added.

The company has also undertaken leadership transitions within its wealth subsidiary, where Rakesh Singh has recently been appointed as the new Chief Executive Officer of Paytm Money Ltd (PML).

“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. OCL has expanded its portfolio with Paytm Services Pvt Ltd (PSPL), a subsidiary dedicated to distributing mutual funds, and other wealth management products. Varun Sridhar, former head of Paytm Money Ltd, now leads as CEO at PSPL, marking a transition to new leadership responsibilities,” the release said.

Vijay Shekhar Sharma, Founder & CEO, Paytm, said the company’s .focus on payments and lending is stronger than ever.

“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,” he said.

“I am also excited about the direction that we have taken under the leadership of Varun to expand Paytm’s role in deepening the penetration of mutual fund and wealth management products in our country. I welcome Rakesh to Paytm Wealth business where we are committed to building world-class technology-led wealth offerings to young Indians,” he added.

Bhavesh Gupta said he had decided to take a career break due to personal reasons.

“I look forward to supporting Paytm in an advisory role. I am confident of Paytm reaching new heights given the depth of leadership in payments and financial services that has been built over the past few years.”

Rakesh Singh, CEO of Paytm Money said stepping into a new role is both an honour and a responsibility.

“As we aim to scale and position ourselves among the top brokers in India, our focus will be on ramping up acquisition and delivering stable, innovative products at a low-cost transparent price. Focusing on growing an already profitable operation with full compliance to SEBI regulations will be a top priority. I am eager to build on the solid foundation laid by the team, and my focus will be on Paytm Money’s growth,” he said.

The company has reported movement to the TPAP model for UPI Payments and is now working with Yes Bank, Axis Bank, State of India and HDFC Bank. For loan and credit card distribution, the company continues to work with NBFC and bank partners.

“As this transition unfolds, Paytm remains committed to fostering growth, and profitability, and maintaining robust governance and compliance,” the release said.

One 97 also informed the exchanges of allotment of 87,373 equity shares pursuant to exercise of stock options under Employees Stock Option Plan. (ANI)

Provided by SyndiGate Media Inc. (Syndigate.info).