Paytm’s President & COO Bhavesh Gupta resigns, strikes into an advisory position 

One97 Communications Restricted (OCL), which owns the model Paytm, on Saturday introduced the resignation of its President & Chief Working Officer Bhavesh Gupta and his transferring  into an advisory position within the CEO workplace submit Might 31.

Gupta, who was overseeing the funds and lending companies, has determined to take a profession break resulting from private causes. He shall be transitioning to an advisory position, providing steerage for Paytm’s development initiatives till the top of the yr.

Gupta’s resignation as President & COO was taken word of by the OCL Board on Saturday, in keeping with a inventory alternate submitting by Paytm. His resignation has been accepted by the corporate and he shall be relieved from the companies of OCL on Might 31, it added.

In the meantime, as a part of an total organisational restructuring, OCL additionally introduced the appointment of Rakesh Singh as the brand new Chief Govt Officer of Paytm Cash Ltd (PML). With over 20 years of expertise, Singh was beforehand the CEO of the inventory broking enterprise at Fisdom, and has held key administration positions with ICICI Securities and Commonplace Chartered Financial institution. 

Varun Sridhar, former head of Paytm Cash Ltd, now leads as CEO at Paytm Providers Pvt Ltd (PSPL), which is into mutual fund distribution.

Commenting on the newest organisational restructuring, Vijay Shekhar Sharma, Founder & CEO, Paytm, stated, “I’m excited concerning the route that we now have taken underneath the management of Varun to broaden Paytm’s position in deepening penetration of mutual fund and wealth administration merchandise in our nation. 

I welcome Rakesh to Paytm Wealth enterprise the place we’re dedicated to construct world class know-how led wealth choices to younger Indians.” 

Rakesh Singh, CEO, Paytm Cash, stated, “As we goal to scale and place ourselves among the many high brokers in India, our focus shall be on ramping up acquisition and delivering steady, revolutionary merchandise at a low value clear value. 

Specializing in rising an already worthwhile operation with full compliance to SEBI laws shall be a high precedence. I’m keen to construct on the strong basis laid by the staff, and my focus shall be on Paytm Cash’s development.” 

OCL has reported motion to the TPAP mannequin for UPI Funds and is now working with Sure Financial institution, Axis Financial institution, State of India and HDFC Financial institution. 

For mortgage and bank card distribution, the corporate continues to work with NBFC and financial institution companions. As this transition unfolds, Paytm stays dedicated to fostering development, profitability, and sustaining sturdy governance and compliance.