At Paytm, Bhavesh Gupta oversaw a number of operations, including lending, online and offline payments, and compliances. He oversaw verticals that suffered as a result of the RBI’s prohibition on Paytm Payments Bank (PPBL) from initiating new business.
Paytm named Rakesh Singh as Paytm Money’s CEO as part of a reorganisation of its leadership team. President and COO of One97 Communications, the parent company of Paytm, Bhavesh Gupta, has left the firm, according to a statement released on Saturday.
At Paytm, Gupta oversaw a number of operations, including lending, online and offline payments, and compliances. He oversaw verticals that suffered as a result of the RBI’s prohibition on Paytm Payments Bank (PPBL) from initiating new business.
“For personal reasons, President and Chief Operating Officer Bhavesh Gupta, who was in charge of the lending and payment operations, has chosen to take a leave of absence from his career. He will be moving into an advising capacity, providing direction for Paytm’s expansion plans till the year’s conclusion,” the statement stated.
Gupta left Clix Capital, formerly GE Capital, to join Paytm in August 2020.
On May 31, he will no longer be employed by the company. Paytm projected a loss of between Rs 300 and Rs 500 crore as a result of the RBI’s PPBL restrictions.
It was forced to put a halt to its lending operations, which are reportedly back on presently.
Rakesh Singh has been named chief executive officer of Paytm Money by fintech company Paytm as part of a reorganisation of its leadership team.
It was recently announced that Rakesh Singh will take over as CEO of Paytm Money Ltd. Rakesh Singh has over twenty years of expertise. He was the CEO of Fisdom’s stock trading division before, and he has also held senior management roles at Standard Chartered Bank and ICICI Securities.
Varun Sridhar, the CEO of Paytm Money, has been reassigned by the business to CEO of Paytm Services, which distributes mutual funds and other wealth management products.
“I want to express my gratitude to Bhavesh for his efforts and for helping to make the move go smoothly. We have a greater emphasis on lending and payments than ever before, and I will collaborate with the seasoned executives in each of our companies to carry this out.
He valued Sridhar’s involvement in growing Paytm’s influence and increasing the country’s adoption of wealth management and mutual fund products. “We are dedicated to creating top-notch technology-driven wealth offerings for young Indians, and I’m happy to welcome Rakesh to the Paytm Wealth business,” Sharma remarked.
