 "Paytm")
Digital payments firm Paytm on Wednesday announced a change in the designation of a senior executive, aiming to create a “leaner organisation” as it posted a wider loss in the fourth quarter of financial year 2023-24.
Ripunjai Gaur, chief business officer for offline payments, was designated as being part of senior management personnel, said One97 Communications, the company that operates Paytm.
Gaur has been part of PayTM since 2009 and led its offline payments platform for the semi-organised merchant category. He has worked on operations and products such as expanding the offline merchant business, sound box and electronic data capture machines.
“We are optimising our cost structure, leveraging AI (artificial intelligence) capabilities, and focusing on our core business to achieve significant cost efficiencies. This includes creating a leaner organisation structure and pruning non-core businesses. All recent changes are aligned with pre-approved succession plans discussed with the board in previous financial years,” said the company, adding it will get more new senior executives.
The Noida-based firm has seen changes in its senior management after the Reserve Bank of India (RBI) in January asked it to wind down its banking unit Payments Payment Bank Ltd (PPBL).
Bhavesh Gupta, president and chief operating officer of Paytm, resigned last month. Surinder Chawla resigned as PPBL’s managing director and chief executive officer (CEO) in April.
In the same month, Sumit Mathur, Paytm’s chief marketing officer, quit after a year-long stint to join Glanbia Performance Nutrition.
Varun Sridhar, CEO at Paytm Money, resigned last week to become the chief executive of Paytm Services, a subsidiary responsible for distributing mutual funds and wealth management products.
