Vinay Karanam In a strategic move aimed at fortifying its position in the realm of payments and financial services, One97 Communications Limited (OCL), the parent company of Paytm, has announced significant changes in its leadership team. The objective is to steer towards building a substantial and lucrative distribution network for payment and financial services, the company revealed on Saturday.
According to a regulatory filing, Bhavesh Gupta, the President and Chief Operating Officer of the company, has opted to step down from his current position to take on an advisory role as part of an overarching organizational restructuring.
This leadership transition aligns closely with the company’s overarching vision of ensuring sustained growth across crucial business verticals, fostering innovation, and bolstering its group structure to ensure sustainability and regulatory compliance.
The company’s press release highlighted that Paytm’s payment and credit businesses will now be helmed by seasoned Chief Operating Officers and Chief Business Officers, each boasting over five years of experience within Paytm and a cumulative work experience ranging from 20 to 26 years in relevant industries. These adept leaders will now work closely with Paytm’s CEO and other senior management, with a firm focus on strengthening the roles of upcoming leaders and implementing robust succession planning.
“Bhavesh Gupta, in his role as President and Chief Operating Officer, has been instrumental in overseeing the payments and lending businesses. However, due to personal reasons, he has opted for a career break. He will transition into an advisory role, providing guidance for Paytm’s growth initiatives until the culmination of this year,” the release stated. It also reiterated the leadership’s commitment to fostering profitable business expansion while ensuring regulatory compliance.
Furthermore, the company has announced leadership transitions within its wealth subsidiary, with Rakesh Singh appointed as the new Chief Executive Officer of Paytm Money Ltd (PML). Singh brings with him over two decades of experience, having previously served as the CEO of the stockbroking business at Fisdom and held key positions in ICICI Securities and Standard Chartered Bank.
Vijay Shekhar Sharma, the Founder & CEO of Paytm, expressed confidence in the company’s heightened focus on payments and lending. He thanked Bhavesh for his contributions and underscored the commitment to execute plans with the adept leadership team in place.
Bhavesh Gupta, reflecting on his decision, expressed optimism about Paytm’s future trajectory and affirmed his support for the company in his advisory capacity.
Rakesh Singh, the newly appointed CEO of Paytm Money, acknowledged the honor and responsibility accompanying his new role, pledging to scale operations and position Paytm Money among the top brokers in India while prioritizing compliance with SEBI regulations.
The company also reported a shift to the TPAP model for UPI Payments and ongoing collaborations with Yes Bank, Axis Bank, State Bank of India, and HDFC Bank for loan and credit card distribution. As the transition unfolds, Paytm remains steadfast in its commitment to fostering growth, profitability, and maintaining robust governance and compliance standards.
