One of India's leading digital payment platforms has announced changes to its senior leadership team recently. As per sources familiar with the development, Paytm's Chief Operating Officer Bhavesh Gupta has stepped down from his role and will now take on an advisory position within the organization.
Gupta was overseeing key business verticals at Paytm including payments, lending and compliance-related functions. Some of these divisions were negatively impacted by regulatory restrictions imposed on the company's payments bank arm last year.
Paytm is said to be realigning leadership responsibilities to sharpen focus on its core businesses going forward. As part of the reshuffle, Rakesh Singh has joined as Chief Executive Officer of Paytm Money, the company's wealth management arm. Singh brings over two decades of experience in financial services having previously led stockbroking operations at a major player.
Varun Sridhar, erstwhile head of Paytm Money, will now steer the company's mutual funds distribution business as Chief Executive of Paytm Services. Sridhar played a pivotal role in expanding accessibility of systematic investment plans and other wealth products on the Paytm app.
The management changes are aimed at bolstering business prospects across segments like payments, lending, insurance and investment, according to sources. Paytm founder Vijay Shekhar Sharma expressed gratitude towards the departing and moving executives for contributing significantly during their tenures. He reaffirmed the company's focus on building pioneering financial products for Indian customers.
