Indian fintech giant Paytm has announced significant changes to its executive team following the resignation of its Chief Operating Officer (COO), Bhavesh Gupta.
Gupta stepped down citing personal reasons, according to a statement released by Paytm’s parent company, One 97 Communications Ltd. His departure comes at a time when Paytm is striving to revamp its operations after facing regulatory challenges with its banking affiliate.
In a strategic move to strengthen its leadership, Paytm named Rakesh Singh as the new CEO of Paytm Money Ltd., the wealth management arm of the company.
Singh replaces Varun Sridhar, who will now lead Paytm Services Pvt Ltd. as CEO, focusing on the distribution of mutual funds and other wealth-management products.
These appointments are part of Paytm’s broader effort to reinvent itself and enhance its market position.
Rakesh Singh brings a wealth of experience to his new role, having previously managed the stock brokerage business at Fisdom. He also held significant positions at ICICI Securities and Standard Chartered, equipping him with a robust understanding of the financial services industry.
Singh’s expertise will be crucial as Paytm Money aims to expand its reach and innovate its product offerings.
Singh expressed his strategic vision for Paytm Money, stating:
As we aim to scale and position ourselves among the top brokers in India, our focus will be on ramping up acquisition and delivering stable, innovative products at a low cost transparent price.
He emphasized the importance of compliance and profitability, particularly adherence to SEBI regulations, as key priorities for the company moving forward.
The leadership shuffle at Paytm follows a period of challenges for the company, particularly after its banking affiliate was shut down due to regulatory restrictions.
However, Paytm secured a significant victory in March when it received approval to operate as a consumer digital-payments platform, signaling a new phase in its business strategy.
Bhavesh Gupta, the outgoing COO, will not depart immediately; instead, he will serve in an advisory capacity until the end of the year to ensure a smooth transition.
This move reflects Paytm’s careful approach to maintaining continuity in its leadership during this critical period of transformation.