Paytm COO Bhavesh Gupta resigns, Money division head Varun Sridhar moves to wealth arm

Bhavesh Gupta, the President and Chief Operating Officer of One97 Communications, the parent company of Paytm, has resigned from his position. Varun Sridhar, who was previously with Paytm Money, will now take over as the head of the wealth division.

"Bhavesh Gupta, President and Chief Operating Officer, who was overseeing the payments and lending businesses, has decided to take a career break due to personal reasons," One97 Communications said in a BSE filing.

It added, "He will be transitioning to an advisory role, offering guidance for Paytm’s growth initiatives until the end of the year. The leadership will focus on profitable business expansion and is committed to regulatory compliance."

Gupta worked with Paytm since August 2020 and was the founding member and head of IDFC Bank's SME and business banking division.

Meanwhile, former Paytm Money head, Sridhar, has transitioned to the CEO of Paytm Services Pvt. Ltd. the neo-bank's subsidiary dedicated to distributing mutual funds, and other wealth management products. He is being replaced by Rakesh Singh, the former CEO of wealth management firm Fisdom’s broking arm. Singh previously worked at Standard Chartered Bank as the head of its personal banking division.

"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." Singh said in a statement.

"Paytm’s payment and credit businesses are led by Chief Operating Officers and Chief Business Officers, each with over five years of experience at Paytm and 20-26 years of total work experience in relevant industries," the company said in the filing.

"This seasoned leadership team will now work directly with Paytm's CEO and other senior management. The Company has been focusing on strengthening the roles of its next line of leaders and robust succession planning," Paytm added.