पेटीएम के सीओओ भावेश गुप्ता ने इस्तीफा दिया; कंपनी ने वरिष्ठ प्रबंधन में फेरबदल किया।

Paytm COO Bhavesh Gupta resigns; company rejigs senior management.

An official statement released on Saturday announced the resignation of Bhavesh Gupta, the President and Chief Operating Officer of One97 Communications, the parent company of Paytm. Gupta, who was responsible for various aspects including the lending business, online and offline payments, and compliances at Paytm, has decided to step down. His decision comes amidst challenges faced by the verticals under his leadership, notably the impact of the RBI's ban on Paytm Payments Bank (PPBL) from conducting new transactions. The statement clarified that Gupta, overseeing payments and lending, is opting for a career break due to personal reasons and will transition to an advisory role, supporting Paytm's growth initiatives until the year-end. Gupta, who joined Paytm in August 2020 from Clix Capital, will conclude his services with the company on May 31. Paytm estimates a loss of Rs 300-500 crore due to the RBI's restrictions on PPBL, leading to the temporary suspension of its lending business, which has reportedly resumed now.

In a strategic leadership shift, Paytm has appointed Rakesh Singh as the new Chief Executive Officer of Paytm Money. Singh, with extensive experience spanning over two decades including previous roles as CEO of the stock broking business at Fisdom, and management positions at ICICI Securities and Standard Chartered Bank, is set to lead Paytm Money. Additionally, Varun Sridhar, the former head of Paytm Money, has been reassigned as CEO of Paytm Services, responsible for the distribution of mutual funds and other wealth management products.

Expressing gratitude for Gupta's contributions, Paytm CEO Vijay Shekhar Sharma affirmed the company's steadfast focus on payments and lending, with confidence in the capabilities of its seasoned leaders to execute plans. Sharma also commended Sridhar for his efforts in expanding Paytm's presence in mutual fund penetration and wealth management products across the country.

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