Bhavesh Gupta, the COO and President of Paytm’s parent company One 97 Communications, has resigned from his position, marking significant leadership changes within the fintech giant. Gupta will now transition into an advisory role within the CEO’s office, as confirmed by Paytm in a recent announcement.
In a move that signals a shift in Paytm’s leadership landscape, Bhavesh Gupta, who served as the Chief Operating Officer and President of One 97 Communications, the entity behind Paytm, has stepped down from his role. The company officially disclosed this development to the stock exchanges on Saturday, confirming earlier reports by ETtech.
Gupta’s departure comes alongside strategic reshuffling within the organization. Varun Sridhar, the former CEO of Paytm Money, is set to assume a different position within the group, while Rakesh Singh, previously spearheading broking services at Fisdom, a wealth tech startup backed by PayU, will take over as the CEO of Paytm Money.
This leadership transition is part of a broader restructuring effort at Paytm, as indicated by the company’s recent statement. Paytm emphasized its commitment to fortifying the roles of its next tier of leaders and implementing robust succession planning strategies.
Vijay Shekhar Sharma, the founder and CEO of Paytm, expressed confidence in the company’s future trajectory despite Gupta’s exit. He reaffirmed Paytm’s steadfast focus on payments and lending, underscoring the pivotal role of seasoned leaders within the organization.
Moreover, Sharma highlighted Varun Sridhar’s expanded responsibilities, particularly in driving Paytm’s expansion in mutual fund and wealth management offerings. He also extended a warm welcome to Rakesh Singh, emphasizing Paytm’s dedication to crafting cutting-edge wealth solutions tailored to the evolving needs of young Indians.
This leadership shuffle comes on the heels of another significant departure within the Paytm ecosystem, with Surinder Chawla stepping down as the CEO of Paytm Payments Bank earlier in April. Amidst these changes, Paytm remains resolute in its pursuit of innovation and growth across its diverse portfolio of financial services.
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