Bhavesh Gupta, Paytm parent company President & COO resigns

One97 Communications (OCL), the parent company of Paytm, announced on Saturday that its President and Chief Operating Officer (COO), Bhavesh Gupta, has resigned from his position. Gupta’s resignation comes amidst a series of recent top-level exits at the Noida-based fintech company. 

However, Gupta will transition to an advisory role within the CEO office following his resignation, citing personal reasons for his departure. His last day with the organization will be on May 31.

The company informed the stock exchanges about Gupta’s resignation following a board meeting late Saturday. Paytm stated that the leadership changes were part of an organizational restructuring aimed at ensuring the company’s growth across key business verticals and strengthening the group’s structure for regulatory compliance.

Varun Sridhar, former head of Paytm Money, will now serve as the CEO of Paytm Services, focusing on the distribution of mutual funds and wealth management products. Additionally, Rakesh Singh, former CEO of the stockbroking business at Fisdom, has been appointed as the new CEO of Paytm Money.

The firm clarified that Bhavesh Gupta, who was overseeing payments and lending businesses, has decided to take a career break due to personal reasons. Paytm’s stock price ended at Rs 370.20 apiece on the BSE on Friday, down 0.38%.