Bhavesh Gupta, COO of Paytm, Steps Down from Position

Paytm’s Chief Operating Officer, Bhavesh Gupta, has resigned from the company citing personal reasons, according to an official statement released on Saturday. Gupta, who was overseeing the payments and lending businesses at Paytm, will be transitioning to an advisory role until the end of the year.

Gupta’s decision to take a career break comes after the Reserve Bank of India (RBI) imposed a ban on Paytm Payments Bank (PPBL) from carrying out new transactions, impacting the verticals under his leadership. The company estimated a loss of Rs 300-500 crore due to the RBI’s restriction on PPBL.

In a strategic move, Paytm has appointed Rakesh Singh as the new Chief Executive Officer of Paytm Money, while Varun Sridhar, who was heading Paytm Money, has been appointed as the CEO of Paytm Services. Paytm CEO Vijay Shekhar Sharma expressed his gratitude towards Gupta for his contributions and praised Sridhar for his role in expanding Paytm’s presence in mutual fund and wealth management products.

“I welcome Rakesh to Paytm Wealth business where we are committed to building world-class technology-led wealth offerings to young Indians,” Sharma said.

Gupta, who joined Paytm in August 2020 from Clix Capital, will be relieved from his duties on May 31. The company had to pause its lending business following the RBI’s ban, but it has since resumed operations. Paytm is now focused on strengthening its payments and lending services under the new leadership structure.