Bhavesh Gupta steps down as Paytm COO and President, citing personal reasons

Paytm, the digital payments and financial services firm, made headlines with the announcement of the resignation of its COO and president, Bhavesh Gupta. The news was revealed through a regulatory filing on 4 May, where Gupta stated that his resignation would be effective as of the close of business hours on 31 May. Despite stepping down from his current role, Gupta expressed his intention to continue supporting the company in an advisory capacity within the chief executive’s office.

Citing personal reasons for taking a career break, Gupta expressed confidence in Paytm’s future trajectory and acknowledged the strong leadership in payments and financial services that has been developed over recent years. The company accepted his resignation and mentioned that he will be relieved from his services as of the specified date.

This development comes just ahead of the company’s scheduled announcement of the March quarter results for fiscal year 2024. It is anticipated that the quarterly results may have been impacted following regulatory restrictions imposed on its associate firm, Paytm Payments Bank Ltd (PPBL).

In response to Gupta’s resignation, Paytm announced leadership changes, with Varun Sridhar being appointed as CEO of Paytm Services Pvt Limited and Rakesh Singh as CEO for Paytm Money. The company expressed excitement about the new leadership changes and emphasized its commitment to strengthening its payments and financial services offerings. Founder & CEO, Vijay Shekhar Sharma, thanked Bhavesh for his contributions and highlighted the company’s focus on payments and lending under the leadership of Varun. Rakesh Singh, the new CEO of Paytm Money, shared his vision for scaling the business and delivering innovative products at a low cost transparent price.