Paytm Money MD & CEO Pravin Jadhav resigns

MD and CEO of Patym Money, Pravin Jadhav has resigned from the company after several weeks of rumour surfacing about his differences with the company.

Jadhav has put in his papers last week and is likely to be relieved by the end of April.

“Today his resignation was announced internally by Amit Nayyar. Differences over ESOPs, annual salary and remuneration have led to his departure from the company,” said one of the sources on condition of anonymity.

Paytm’s wealth management platform had elevated Jadhav as MD and CEO in September. It’s worth noting that he was with Paytm Money since its ideation phase.

Prior to being elevated to as Paytm Money’s MD and CEO in September last year, Jadhav was working as a whole-time director with the company. He joined Paytm as a consultant in June 2017. In his earlier stints, he has worked as Chief Products & Growth Officer with Servify and FreeCharge.

According to his LinkedIn profile, Jadhav served Paytm for about 33 months in the capacity of consultant, wholesome director and MD.

Since last year, Paytm has been facing exodus at the top level since last year. Paytm and Paytm Mall Chief Operating Officers — Kiran Vaisreddy and Amit Sinha left last year while several senior employees including Nitin Misra, Deepak Abbot and Ankit Gera also parted ways with the company.

“Finding a new lead for Paytm Money won’t be easy as Jadhav was not like any ordinary executive. He built the business from scratch. However, Paytm Money has already shortlisted a lead who will soon be hire,” added the second source. 

Paytm Money is one of the major bets after Paytm Mall. While Paytm Mall lost its track and failed to grab third position in the horizontal e-commerce space, Paytm Money has emerged as a strong player in the overall wealth management space. It recently claimed to have over Rs 5,000 crore assets under its management.

In terms of financial performance, the company had spent Rs 37.62 crore to earn Rs 76.26 lakhs during FY19. On a unit level, the company lost Rs 49.33 to earn a single rupee in the last fiscal year.