Paytm’s Chief Operating Officer Resigns, Company Announces Leadership Changes

In a surprising turn of events, Bhavesh Gupta, the President and Chief Operating Officer of Paytm, has resigned from the company, citing personal reasons. This announcement came as a significant setback for the popular digital payments platform. Paytm’s parent company, One97 Communications Limited, made the disclosure to the stock exchanges, revealing the leadership reshuffle that followed Gupta’s departure.

As part of the restructuring, Paytm Money, a subsidiary of OCL, appointed Rakesh Singh as its new CEO, while Varun Sridhar, the current CEO, was named the Chief Executive Officer of Paytm Services Private Limited (PSPL), another subsidiary of the company.

Gupta, who played a crucial role in building Paytm’s lending business, will continue in his position until the end of the month before transitioning to an advisory role within the company. Under his leadership, Paytm’s lending business saw significant growth, reaching around Rs 15,000 crore in a quarter over the past few years.

Despite Gupta’s departure, Vijay Shekhar Sharma, the founder and CEO of Paytm, expressed confidence in the company’s future. He emphasized the company’s continued focus on payments and lending, stating that he will work closely with the seasoned leaders in each business to execute their plans.

The news of Gupta’s resignation and the subsequent leadership changes comes at a critical time for Paytm, as the company faces challenges such as the recent restrictions imposed by the Reserve Bank of India on its lending activities. However, Paytm remains committed to diversifying its business and exploring new opportunities for growth in the financial services sector.