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Paytm’s Bhavesh Gupta Steps Down As COO; Rakesh Singh Joins As CEO – Paytm Money

Bhavesh Gupta has stepped down as the President and Chief Operating Officer (COO) at Paytm and will move into an advisory role. Additionally, Rakesh Singh has joined as the Chief Executive Officer of Paytm Money.

| Published on May 6, 2024

Paytm’s Bhavesh Gupta Steps Down As COO; Rakesh Singh Joins As CEO - Paytm Money
L-R: Bhavesh Gupta & Rakesh Singh

Bhavesh Gupta has stepped down from his position as the President and Chief Operating Officer (COO) at Paytm. He will be taking on an advisory role from now on.

In a regulatory filing, the company also stated that Rakesh Singh is now the Chief Executive Officer (CEO) of Paytm Money. Additionally, Varun Sridhar has transitioned to CEO of Paytm Services, focusing on the distribution of mutual funds and wealth management products.

Before joining Paytm in August 2020, Gupta was the Founding Member & CEO of Clix Capital (formerly GE Capital) for nearly four years. Prior to that, he was the Founding Member & Head – SME and Business Banking at IDFC Bank from November 2014 to May 2017.

Previously, he was associated with ICICI Bank for almost 11 years. He joined the company in May 2003 and moved across various roles including Head Programs and Channel Finance – Auto Loans, National Sales – Commercial Vehicle Loans, Zonal Head-Retail Liabilities & Branch Banking, National Head – Branch Banking and Retail Liabilities, Zonal Head – Retail and Business Banking and General Manager and Head – Business Banking.

In the past, he also worked at Transamerica Apple distribution finance as a Zonal Manager and as an Area Manager at Apple Finance.

As for Singh who is stepping into the role of CEO. He was with Fisdom for almost six years. He joined the company as the Senior Director – Distribution and Strategic Initiative in October 2018 and was elevated to Executive Director – Distribution, Alliances, Wealth, Lending in July 2020 and then was promoted to Chief Executive Officer-Broking in October 2021.

Before that, he was the Chief General Manager and Head – Retail Banking at SVC Bank from June 2017 to August 2018.

Earlier, he was with Standard Chartered Bank for over 11 years. He joined the company in June 2006 as Vice President, Business Head-Retail Broking. He moved across a variety of roles including Director-Retail and Country Head-Personal Banking, India.

In the past, he also served as Assistant Vice President, Sales and Distribution at HDFC Securities from January 2005 to June 2006 and worked at ICICI Bank for over three years. He joined the company in June 2001 as a Trainee and was elevated to Manager – Investment and Services in November 2002 and was promoted to Zonal Sales Manager, Western India in June 2003.

Commenting on Gupta’s resignation and Singh’s appointment, Vijay Shekhar Sharma, Founder & CEO, Paytm added, “I would like to thank Bhavesh for his contributions and his role in ensuring a smooth transition. 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 Paytm’s role in deepening the penetration of mutual fund and wealth management products in our country. I welcome Rakesh to the Paytm Wealth business where we are committed to building world-class technology-led wealth offerings to young Indians.”

Gupta said about his resignation, “I have decided to take a career break due to personal reasons. I look forward to supporting Paytm in an advisory role. I am confident of Paytm reaching new heights given the depth of leadership in payments and financial services that have been built over the past few years.”

Talking about his appointment, Singh, said, “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. Focusing on growing an already profitable operation with full compliance to SEBI regulations will be a top priority. I am eager to build on the solid foundation laid by the team, and my focus will be on Paytm Money’s growth.”

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