New Delhi: The digital payments company Paytm has announced the resignation of its Chief Operating Officer (COO) and president Bhavesh Gupta on Saturday, via a regulatory filing. According to Paytm, this move is part is part of a broader company reorganisation.
Bhavesh Gupta said that he is stepping down for personal reasons to take a career break and his last working day will be on May 31. He also expressed confidence in Paytm’s future direction, noting the strong leadership the company has established in the payments and financial services sector in recent years. (Also Read: IDBI Bank Registers 44% Jump In Net Profit For Jan-March Quarter)
“His resignation has been accepted by the Company and he will be relieved from the services of the Company w.e.f. close of business hours on May 31, 2024,” stated company in a filing. (Also Read: Meet Young Entrepreneur Who Went To Shark Tank India And Built Rs 10 Cr Company From Just Rs 2000)
On the social media platform X (formerly Twitter), Paytm wrote “We're excited to announce leadership changes as we double down on our payments & financial services offerings. Strengthening succession planning, Bhavesh Gupta transitions to advisory role while Varun Sridhar becomes CEO of Paytm Services Pvt Ltd. Welcome aboard Rakesh Singh, our new CEO for Paytm Money!"
We're excited to announce leadership changes as we double down on our payments & financial services offerings.
Strengthening succession planning, Bhavesh Gupta transitions to advisory role while Varun Sridhar becomes CEO of Paytm Services Pvt Ltd. Welcome aboard Rakesh Singh,…
— Paytm (@Paytm) May 4, 2024
Along with Bhavesh Gupta’s resignation, there have also been other significant leadership changes within Paytm. Varun Sridhar, formerly CEO of Paytm Money has been appointed as CEO of Paytm Services, a subsidiary focused on distributing mutual funds and wealth products.
In addition, Rakesh Singh, the former CEO of stockbroking business at Fisdome will take over as the new CEO of Paytm Money. This reshuffling in Paytm's leadership team comes just before the company is set to announce its March quarter results for fiscal year 2024.
