Mumbai: In a move to bolster its lending operations amidst growing competition in the digital lending sector, Paytm has promoted Bhavesh Gupta, a key executive in its lending division, to the position of President and Chief Operating Officer (COO).
According to a stock exchange filing by One97 Communications Limited, the parent company of Paytm, Bhavesh Gupta's responsibilities as President and COO will include overseeing key initiatives in various verticals such as lending, insurance, online and offline payments, consumer payments, and driving user growth.
He will also be responsible for managing operations risk, fraud risk, and compliance. Bhavesh Gupta will report directly to Paytm's Managing Director and Chief Executive, Vijay Shekhar Sharma.
Gupta's promotion reflects Paytm's strategic focus on expanding its digital lending business and capitalizing on the growing competition in the industry. With the aim of pursuing aggressive expansion plans, Paytm recognizes the need to strengthen its lending operations, and Gupta's elevation signifies the company's commitment to achieving its goals in this sector.
As more companies enter the digital lending market, Paytm aims to stay ahead by leveraging Gupta's expertise and driving the growth of its lending business.
In addition to PhonePe, several other fintech companies like Cred, Jar, and KreditBee, among others, are actively focusing on expanding their digital lending operations.
This increased emphasis on digital lending is driven by the fact that India remains predominantly underserved in terms of credit availability.
Despite the funding challenges faced by the industry, these companies have successfully secured significant investments from investors, showcasing the continued interest and confidence in the digital lending sector.
By doubling down on digital lending, these fintech players aim to address the credit needs of Indian consumers while capitalizing on the potential growth opportunities in the market.
According to a recent report by Moneycontrol, Paytm, a leading fintech company in India, places significant emphasis on its lending business.
The company's credit distribution operations, carried out in collaboration with several lenders, witnessed substantial growth.
The number of loans distributed through Paytm's lending platform reached 1.2 crore, marking an impressive 82 percent year-on-year increase.
Moreover, the total value of these loans amounted to Rs 12,554 crore, demonstrating a remarkable growth rate of 253 percent compared to the previous year. These figures highlight the strong performance and growing popularity of Paytm's lending services in the fourth quarter.
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