Paytm COO Bhavesh Gupta steps down citing personal reasons

Gupta said he was stepping down due to personal reasons and expressed belief in Paytm's continued success while recognising the strong leadership in payments and financial services that have been cultivated in recent times.

On Gupta's resignation, Vijay Shekhar Sharma, founder & CEO, Paytm, said, "I would like to thank Bhavesh for his contributions and his role in ensuring a smooth transition. Our focus on payments and lending is stronger than ever, and I will work with the seasoned leaders that we have in each of our businesses to execute our plans.

"I am also excited about the direction that we have taken under the leadership of Varun to expand Paytm’s role in deepening penetration of mutual fund and wealth management products in our country. I welcome Rakesh to Paytm Wealth business where we are committed to build world class technology led wealth offerings to young Indians."

Rakesh Singh, CEO - Paytm Money: “Stepping into the role of CEO at Paytm Money Ltd is both an honor and a responsibility. 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. Focusing on growing an already profitable operation with full compliance to SEBI regulations will be a top priority. I am eager to build on the solid foundation laid by the team, and my focus will be on Paytm Money's growth."

“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," the firm said in the filing.

This development comes shortly before the company's expected disclosure of the fiscal year 2024 March quarter results.

There is widespread anticipation that these results might have been influenced by regulatory constraints placed on its affiliated entity, Paytm Payments Bank Ltd (PPBL).