One97 Communications Limited (OCL), which owns the brand Paytm, on Saturday announced the resignation of its President & Chief Operating Officer Bhavesh Gupta and his moving into an advisory role in the CEO office post May 31.
Gupta, 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.
Gupta’s resignation as President & COO was taken note of by the OCL Board on Saturday, according to a stock exchange filing by Paytm. His resignation has been accepted by the company and he will be relieved from the services of OCL on May 31, it added.
Meanwhile, as part of an overall organisational restructuring, OCL also announced the appointment of Rakesh Singh as the new Chief Executive Officer of Paytm Money Ltd (PML). With over two decades of experience, 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.
Varun Sridhar, former head of Paytm Money Ltd, now leads as CEO at Paytm Services Pvt Ltd (PSPL), which is into mutual fund distribution.
Commenting on the latest organisational restructuring, Vijay Shekhar Sharma, Founder & CEO, Paytm, said, “I am excited about the direction that we have taken under the leadership of Varun to expand Paytm’s role in deepening penetration of mutual fund and wealth management products in our country.
I welcome Rakesh to Paytm Wealth business where we are committed to build world class technology led wealth offerings to young Indians.”
Rakesh Singh, CEO, Paytm Money, said, “As we aim to scale and position ourselves among the top brokers in India, our focus will be on ramping up acquisition and delivering stable, innovative products at a low cost transparent price.
Focusing on growing an already profitable operation with full compliance to SEBI regulations will be a top priority. I am eager to build on the solid foundation laid by the team, and my focus will be on Paytm Money’s growth.”
OCL has reported movement to the TPAP model for UPI Payments and is now working with Yes Bank, Axis Bank, State of India and HDFC Bank.
For loan and credit card distribution, the company continues to work with NBFC and bank partners. As this transition unfolds, Paytm remains committed to fostering growth, profitability, and maintaining robust governance and compliance.