Paytm's President & COO Bhavesh Gupta Resigns

Bhavesh Gupta, President and COO of Paytm's parent company One97 Communications, has resigned. He oversaw lending, online and offline payments and compliance. His verticals were affected by RBI's ban on Paytm Payments Bank from conducting new transactions.

“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 statement said.

Gupta joined Paytm from Clix Capital in August 2020 and will depart from the company on May 31. Paytm faced an estimated loss of Rs 300-500 crore due to RBI's restrictions on PPBL, leading to a pause in its lending business, which has since resumed. 

As part of a change in leadership structure, Paytm Money has appointed Rakesh Singh as CEO.

“Rakesh Singh has recently been appointed as the new Chief Executive Officer of Paytm Money Ltd. 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,” the statement said.

Varun Sridhar, who previously led Paytm Money, has been appointed as CEO of Paytm Services, responsible for the distribution of mutual funds and other wealth management products.

“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 Paytm CEO Vijay Shekhar Sharma. “I welcome Rakesh to Paytm Wealth business where we are committed to building world-class technology-led wealth offerings to young Indians,” he added.