In a regulatory filing on May 4, Paytm, the digital payments and financial services firm, announced the resignation of its Chief Operating Officer (COO) and President, Bhavesh Gupta (Paytm COO). Gupta, who oversaw the payments and lending divisions, stated in his resignation letter that his departure would be effective as of the close of business hours on May 31. However, he expressed his intention to continue supporting the company in an advisory role within the chief executive’s office.
“I have 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,” said Bhavesh Gupta.
Meanwhile, Paytm has undergone leadership changes within its wealth management subsidiary, Paytm Money Ltd (PML). Rakesh Singh has been appointed as the new Chief Executive Officer of PML. With over two decades of experience, Singh previously served as CEO of Fisdom’s stock broking division and held significant roles at ICICI Securities and Standard Chartered Bank.
Furthermore, One97 Communications, the parent company of Paytm, has established 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, assuming new leadership responsibilities.
Vijay Shekhar Sharma, Founder & CEO of Paytm, expressed gratitude for Gupta’s contributions and emphasized the company’s focus on payments and lending business. He highlighted the firm’s direction under Varun’s leadership to expand its footprint in mutual funds and wealth management offerings.
“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,” said Vijay Shekhar Sharma.
Additionally, the Nomination and Remuneration Committee approved the allotment of 87,373 fully paid-up equity shares to eligible employees under the Employee Stock Option Plan 2019. Consequently, the company’s issued, subscribed, and paid-up equity share capital increased from Rs 635,705,161 to Rs 635,792,534.