One 97 Communications (Paytm) dropped 4.88% to Rs 352.15 after the company announced the resignation of Bhavesh Gupta, president and chief operating officer (COO) of the company effective from 31 May 2024,citing personal reasons.
According to the regulatory filing, the company's board has acknowledged the resignation tendered by Bhavesh Gupta, President and COO of the company (senior management personnel). His resignation has been accepted by the company, and he will be relieved from his services with effect from 31 May 2024.Gupta will continue to support the company as an advisor in the chief executive officer (CEO) office after 31 May 2024.
Meanwhile, Paytm stated that Varun Sridhar transitioned to CEO of Paytm Services, focusing on the distribution of mutual funds and wealth management products.
Further, the company announced that Rakesh Singh has been appointed as the CEO of Paytm Money (PML). With over two decades of experience, Singh was previously the CEO of the stock broking business at Fisdom and has held key management positions with ICICI Securities and Standard Chartered Bank.
Lastly, One97 Communications (OCL) said that it has expanded its portfolio with Paytm Services (PSPL), a subsidiary dedicated to distributing mutual funds, and other wealth management products. Varun Sridhar, former head of Paytm Money, now leads as CEO at PSPL.
Vijay Shekhar Sharma, Founder & CEO - Paytm said, 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 Paytms role in deepening penetration of mutual fund and wealth management products in our country.
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Rakesh Singh, CEO - Paytm Money said, "Stepping into the role of CEO at Paytm Money 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.
The company has reported movement to the TPAP model for UPI payments and is now working with Yes Bank, Axis Bank, State of India and HDFC Bank. For loan and credit card distribution, it continues to work with NBFC and bank partners.
Paytm is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce. Paytms mission is to serve half a billion Indians and bring them to the mainstream economy with the help of technology.
The company had reported a consolidated net loss of Rs 221.70 crore in Q3 FY24 as against a net loss of Rs 392.10 crore posted in Q3 FY23. Revenue from operations jumped 38.23% to Rs 2,850.5 crore in the quarter ended 31 December 2023 from Rs 2,062.2 crore recorded in the same period last year.
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