One 97 Communications' President, COO Bhavesh Gupta Resigns

One 97 Communications Ltd., which owns and operates Paytm, said its President and Chief Operating Officer Bhavesh Gupta resigned, citing personal reasons.

Gupta’s resignation has been accepted by the company and he will be relieved from the services with effect from close of business hours on 31 May, the Indian mobile payments and financial services distribution company said in a stock exchange announcement.

Gupta, however, will continue to support the company as an advisor in the CEO office after 31 May, it added.

One 97 Communications said it widened the leadership team to work directly with Paytm CEO and senior management for the next phase of growth.

“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,” Paytm Founder & CEO Vijay Shekhar Sharma said.

The company said Varun Sridhar, former head of wealth subsidiary Paytm Money Ltd., has been transitioned to CEO of Paytm Services Private Ltd., focusing on the distribution of mutual funds and wealth management products.

It also appointed Rakesh Singh as new CEO of Paytm Money. Singh, with over two decades of experience, was previously the CEO of the stock broking business at Fisdom, and has also held key management positions with ICICI Securities and Standard Chartered Bank.

“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,” Singh said. “Focusing on growing an already profitable operation with full compliance to SEBI regulations will be a top priority.”

One 97 Communications said it has reported movement to the third-party application provider (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, the company continues to work with NBFC and bank partners, it added.

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