Paytm President Bhavesh Gupta steps down ahead of Q4 results

Paytm President Bhavesh Gupta steps down ahead of Q4 results
05 May 2024

Bhavesh Gupta, the President and Chief Operating Officer (COO) of mobile payments giant Paytm, has resigned due to personal reasons.

The announcement was made by One97 Communications Limited, Paytm's parent company in a disclosure to stock exchanges on May 4.

Gupta had been instrumental in expanding Paytm's lending business, which recently reported a quarterly growth reaching around ₹15,000 crore.

Rakesh Singh appointed as new CEO of Paytm Money
New appointment

Following Gupta's departure, One97 Communications has appointed Rakesh Singh as the new CEO of Paytm Money.

Singh replaces Varun Sridhar, who has been named the CEO of Paytm Services Private Limited (PSPL).

Both Paytm Money and PSPL are subsidiaries of One97 Communications Limited, and offer a range of financial services including stock broking and mutual fund investments for Paytm customers.

Gupta to continue in advisory role post-resignation
Advisory role

Despite stepping down, Gupta will continue in his current role until the end of this month before transitioning to an advisory position within the company.

"I have decided to take a career break due to personal reasons. I look forward to supporting Paytm in an advisory role," said Gupta.

This leadership change comes just before One97 Communications is due to announce its Q4 results.

Paytm's business plans remain unaffected despite regulatory challenges

The company's Q4 performance is anticipated to be adversely affected by regulatory restrictions placed on its associate firm, Paytm Payments Bank Limited (PPBL).

The restrictions by the Reserve Bank of India (RBI) led to a temporary halt in Paytm's lending activities for over a month.

Despite the challenges, Vijay Shekhar Sharma, founder and CEO of Paytm, remains committed to executing business plans.

"Our focus on payments and lending is stronger than ever," Sharma said.