Paytm Faces Leadership Exodus Amid Restructuring Efforts
As Noida-based mobile payments giant Paytm prepares to unveil its annual and fourth-quarter financial results later this month, the company is experiencing a significant shift in its leadership team. Two senior executives, Ajay Vikram Singh and Bipin Kaul, have recently resigned from their positions, according to a MoneyControl report.
Departing Leaders with Extensive Experience
Bipin Kaul, who served Paytm for nearly three years, played a pivotal role in driving the company’s offline digital payments and retail business expansion. He brings a wealth of experience from his leadership roles at major financial institutions like IndusInd Bank, IDFC First Bank, and ICICI Bank. Ajay Vikram Singh, on the other hand, rejoined Paytm in January this year as the Chief Business Officer (CBO) overseeing the Unified Payments Interface (UPI) and User Growth operations.
Shifting Landscape: Departures and New Appointments
These resignations follow the recent departure of President and Chief Operating Officer (COO) Bhavesh Gupta, who transitioned to an advisory role due to personal reasons. Gupta, known for his instrumental role in building Paytm’s lending business, held a close relationship with Paytm founder Vijay Shekhar Sharma.
Paytm, in a statement, clarified that the company is undergoing a restructuring process aimed at bolstering its leadership team and achieving sustainable growth across key business verticals, as reported by MoneyControl. As part of this ongoing restructuring, Rakesh Singh, the former CEO of stockbroking firm Fisdom, has been appointed as the new CEO of Paytm Money, succeeding Varun Sridhar, who has progressed to the job of Chief at Paytm Administrations.
Departures Amid Setbacks
These leadership departures occur amidst a series of challenges for Paytm. Notably, the Reserve Bank of India (RBI) issued a directive to Paytm’s associate entity, Paytm Payments Bank Limited (PPBL), restricting it from conducting banking operations, including UPI and deposits, since March 15th.