MUMBAI: One97 Communications (OCL), which owns the Paytm brand, on Saturday announced that Chief Operating Officer (COO) Bhush Gupta has resigned. Mr. Gupta’s resignation comes as he recently stepped down from the Noida-based fintech company at a high level and was given an advisory role in the CEO’s office.
Mr. Gupta resigned for personal reasons and his last day in the organization, which is under regulator supervision due to non-compliance with rules in the banking sector, will be May 31. The company announced this move to the stock market late on Saturday after the board meeting.
Paytm also announced internal leadership changes, claiming that the changes are part of an organizational restructuring that will ensure the company’s growth in key business areas and strengthen the group’s regulatory compliance structure.
Varun Sridhar, former head of Paytm Money, will be appointed as CEO of Paytm Services and will focus on selling mutual funds and wealth management products. Rakesh Singh, former CEO of stock brokerage firm Fisdom, has been appointed as the new CEO of Paytm Money.
“Baush Gupta, who oversaw the business and loan disbursements, has decided to retire from his career due to personal reasons,” the company said in a statement.
Paytm shares closed 0.38 per cent down at Rs 370.20 per share on the BSE on Friday.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
