Amidst company reshuffle, Paytm's President and COO Bhavesh Gupta resigns

Paytm’s President and Chief Operating Officer (COO), Bhavesh Gupta has stepped down from his position. While the company says it is part of a wider reorganisation, Gupta has stated personal reasons for resigning. Gupta's resignation will take effect from May 31.

Paytm has announced that Gupta will now serve in an advisory role within the company. Gupta's departure adds to the list of senior executives who have recently resigned from Paytm.

Gupta was responsible for the lending business, online and offline payments, and compliances, among others, at Paytm. The verticals led by him were adversely impacted by the RBI's ban on Paytm Payments Bank (PPBL) from carrying on 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.

In August 2020, Gupta joined Paytm from Clix Capital, formerly GE Capital.

Paytm had estimated a Rs 300-500 crore loss due to the RBI's restriction on PPBL.

It had to pause its lending business, which is learnt to have resumed now.

Now, Paytm has assigned Rakesh Singh as Chief Executive Officer of Paytm Money.

"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 has now become the CEO of Paytm Services which deals in the distribution of mutual funds and other wealth management products. Earlier he was heading Paytm Money.

"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," Paytm CEO Vijay Shekhar Sharma said.

He acknowledged the contribution of Sridhar in expanding Paytm's role in deepening the penetration of mutual fund and wealth management products in the country.

"I welcome Rakesh to Paytm Wealth business where we are committed to building world-class technology-led wealth offerings to young Indians," Sharma said.