Indian Fintech Paytm Appoints New Executives as COO Resigns

May 4, 2024

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(Bloomberg) — Paytm appointed new business executives as the troubled fintech firm’s chief operating officer resigned.

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COO and President Bhavesh Gupta is leaving due to personal reasons, Paytm’s parent One 97 Communications Ltd. said in a Saturday statement.

The Indian fintech giant named Rakesh Singh as the new chief executive officer of its wealth subsidiary, Paytm Money Ltd. He replaces Varun Sridhar, who will now be CEO of Paytm Services Pvt Ltd. and focus on the distribution of mutual funds and other wealth-management products.

Billionaire founder Vijay Shekhar Sharma’s Paytm is fighting to reinvent its business after its banking affiliate was wound down following regulatory curbs. It won approval to become a consumer digital-payments platform in March.

Gupta, who oversaw the payments and lending business, will transition to an advisory role until the end of the year, according to the statement. Singh previously ran the stock brokerage business at Fisdom, with earlier positions at ICICI Securities and Standard Chartered.

“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,” Singh said in the statement. “Focusing on growing an already profitable operation with full compliance to SEBI regulations will be a top priority.”