Bhavesh Gupta, Paytm COO and President, resigns; cites personal reasons

Paytm, the digital payments and financial services firm, announced the resignation of its COO and president, Bhavesh Gupta, via a regulatory filing on 4 May.

According to the filing, in a letter, Gupta said that his resignation would be effective as of the close of business hours on 31 May. He, however, expressed his intention to continue supporting the company in an advisory capacity within the chief executive's office.

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Gupta cited personal reasons for taking a career break and expressed confidence in Paytm's future trajectory, acknowledging the robust leadership in payments and financial services developed over recent years.

“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.

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This development comes just ahead of the company's scheduled announcement of the March quarter results for fiscal year 2024. It is widely anticipated that the quarterly results may have been impacted following regulatory restrictions imposed on its associate firm, Paytm Payments Bank Ltd (PPBL).

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Meanwhile, Paytm announced Gupta transitions to advisory role, adding Varun Sridhar has been appointed as CEO of Paytm Services Pvt Limited. The firm also welcomed Rakesh Singh as CEO for Paytm Money.

Taking to X, 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!"

Reactions:

On Gupta's resignation, Vijay Shekhar Sharma, founder & CEO, Paytm, said that, "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."

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