Bhavesh Gupta, Paytm COO and President, resigns citing personal reasons
Paytm’s President and Chief Operating Officer (COO) Bhavesh Gupta has resigned from the company, citing personal reasons.
In a regulatory filing, One97 Communications, Paytm’s parent company, said on Saturday that Gupta decided to take a career break due to personal reasons. He was overseeing Paytm’s payments and lending businesses.
As part of the company reshuffle, Gupta 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,” the company said.
In a statement, Gupta expressed confidence in Paytm reaching new heights given the depth of leadership in payments and financial
services that have been built over the past few years.
“I have decided to take a career break due to personal reasons. I look forward to supporting Paytm in an advisory role,” he said.
Meanwhile, Paytm has appointed Rakesh Singh as Chief Executive Officer of Paytm Money, One97’s wealth management arm. On the other hand, Varun Sridhar, who was heading Paytm Money, has been appointed the CEO of Paytm Services, focusing on the distribution of mutual funds and other wealth management products.
Paytm Founder and CEO Vijay Shekhar Sharma thanked Gupta for his contributions and had a word of encouragement for Singh and Sridhar.
“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,” he added.
“I welcome Rakesh to Paytm Wealth business where we are committed to build world-class technology-led wealth offerings to
young Indians,” Sharma further said.
Sridhar served as CEO of Paytm Money since 2020 and transitioned to a different role within the company.
Under his leadership, the wealth tech company turned profitable in the financial year 2023. The company reported a net profit of Rs 42.8 crore on revenue of Rs 132.8 crore during this period.
Singh joined the company last month. Previously, he held the same position at Fisdom, a discount brokerage firm.