Bhavesh Gupta, the President and Chief Operating Officer of One97 Communications, the parent company of Paytm, has resigned from his position, along with Varun Sridhar, the Chief of subsidiary Paytm Services Pvt Ltd.
“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 had been with Paytm since August 2020 and was the founding member and head of IDFC Bank’s SME and business banking division.
Meanwhile, Sridhar has also transitioned to an advisory role and is 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.
“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.
Edited by Suman Singh
