Ahead of Paytm’s announcement of its annual and quarterly financial results later this month, two of its senior executives have resigned, adding to the growing list of high-level exits at the payments and financial services firm.
Ajay Vikram Singh, Chief Business Officer (CBO) leading UPI and User Growth, and Bipin Kaul, CBO in charge of Offline Payments, are stepping down from their roles at Paytm.
The company is undergoing a restructuring initiative and these changes are part of its approach to strengthen the firm’s next line of leaders, the Noida-based firm said in a statement to Moneycontrol.
"We are committed to ensuring sustained growth across key business verticals as we are going through a restructuring initiative that signal a reinvigorated approach under Paytm’s CEO," it said, reported Moneycontrol.
In his three-year stint at Paytm, Kaul played a crucial role in driving the company’s offline digital payments and retail business. Before that, he held leadership positions at prominent financial institutions including IndusInd Bank, IDFC First Bank, and ICICI Bank.
Singh rejoined the company in January this year as CBO of UPI and User Growth. Initially, he joined Paytm as Senior Vice President of Lending and served for almost two years before rejoining in January this year. His prior experiences are in retail lending cards and branch banking.
The resignations came after President and Chief Operating Officer (COO) Bhavesh Gupta's recent resignation and transition to an advisory role citing personal reasons. He was regarded as a close confidant of founder Vijay Shekhar Sharma. Gupta was known for his instrumental role in building Paytm’s lending business.
As a part of the ongoing restructuring, former CEO of stock broking firm Fisdom Rakesh Singh was appointed as the new CEO of Paytm Money, replacing Varun Sridhar. He has transitioned to the role of CEO at Paytm Services.
The departures come after a series of blows for Paytm, including the Reserve Bank of India’s (RBI) order to its associate entity Paytm Payments Bank Limited (PPBL), barring it from conducting banking operations, including UPI and deposits, since March 15.
