Bhavesh Gupta, President and COO of Paytm, steps down from his position

Bhavesh Gupta, the President and Chief Operating Officer (COO) of Paytm, has announced his resignation from the company. Gupta, who has been with the Noida-based fintech giant, will be moving to an advisory role in the CEO office. His resignation comes amidst a series of recent top-level exits at Paytm, including the resignation of Surinder Chawla as the Managing Director and CEO of Paytm Payments Bank.

Gupta cited personal reasons for his decision to step down, and his last day with the organization will be on May 31. Paytm, which has been under regulatory scrutiny for non-compliance at its banking unit, notified the stock exchanges about Gupta’s resignation following a board meeting on Saturday evening.

In a statement, Paytm announced leadership changes within the company as part of an overall organizational restructuring aimed at ensuring sustained growth across key business verticals and strengthening regulatory compliance. Varun Sridhar, former head of Paytm Money, will take over as the CEO of Paytm Services, focusing on the distribution of mutual funds and wealth management products. Rakesh Singh, former CEO of the stock broking business at Fisdom, has been appointed as the new CEO of Paytm Money.

The company emphasized its focus on strengthening the roles of its next line of leaders and robust succession planning. Despite the recent leadership changes, Paytm founder and CEO Vijay Shekhar Sharma expressed confidence in the company’s future, stating, “Our focus on payments and lending is stronger than ever, and I will work with the seasoned leaders that we have in each of our businesses to execute our plans.”