Paytm, the Indian fintech giant, is shaking things up in its leadership team to double down on what it does best: making payments and offering financial services that people love.
Stepping into the role of CEO at Paytm Money is Rakesh Singh, a seasoned finance expert with more than twenty years of experience. Singh brings a wealth of knowledge, having previously led Fisdom’s stock broking arm and held important positions at ICICI Securities and Standard Chartered Bank.
Meanwhile, Varun Sridhar is taking on a new challenge as CEO of Paytm Services, where he’ll focus on bringing wealth products and mutual funds to more people.
These changes come as Bhavesh Gupta, who played a crucial role as president and COO of Paytm’s payment and lending divisions, steps back for personal reasons. Though he’s moving on from his day-to-day roles, Gupta will stay on as a consultant, helping Paytm grow until the end of the year.
Earlier this year, Surinder Chawla, who led Paytm’s banking unit, decided to step down, and Paytm’s founder, Vijay Shekhar Sharma, left the company’s board in February.
Paytm emphasizes that these leadership changes are all part of their plan to grow, innovate, and make sure they’re playing by the rules.
Regulatory issues led to the closure of Paytm Payments Bank earlier this year, but Paytm has pivoted and received approval to operate as a third-party service provider on India’s Unified Payments Interface (UPI) infrastructure. This means they’re no longer exclusively tied to their banking arm for UPI services, giving them more flexibility to serve their customers.
