Paytm’S Bhavesh Gupta Steps Down as COO and President

Bhavesh Gupta, serving as the Chief Operating Officer and President of Paytm under One97 Communications, has decided to step down, citing personal reasons. This marks the fourth significant departure from the Paytm Group in just the past month.

Gupta expressed in an email to Paytm’s Managing Director and CEO, Vijay Shekhar Sharma, “Following our ongoing discussions, I regretfully inform you that due to personal circumstances, I must resign from my position as President & COO. My resignation will be effective as of the close of business on May 31st, 2024, and I kindly request to be relieved of my duties accordingly.”

Gupta expressed his commitment to continue supporting Sharma and the organization from his advisory role in the CEO office. In an official statement filed by One97 on the National Stock Exchange, it was confirmed that Gupta will be departing from the company, effective May 31, 2024.

Related: Paytm Reports 3% Increase After Customer Transfer to PSP Banks

In other news, Paytm has announced the allocation of new employee stock options (ESOPs) for eligible staff members as per its 2019 ESOP plan. The company has approved the allocation of 87,373 equity shares, each valued at Re 1, to deserving employees, fully paid-up.

In the previous month, there were some changes in the leadership at Paytm Payments Bank. Surinder Chawla, who served as the CEO and managing director, decided to step down from his role. Around the same time, Sumit Mathur, the chief marketing officer (CMO), chose to leave Paytm and took on a new position as Country Head at Glanbia Performance Nutrition.

Moving on to this month, another notable departure occurred at Paytm Money. Varun Sridhar, the CEO, also tendered his resignation. According to the official announcement by One97, Sridhar will be focusing on the distribution of mutual funds and wealth management products in his future endeavors. Taking his place, Rakesh Singh has been appointed as the new chief executive of Paytm Money.

In a significant move, Bhavesh Gupta, President and COO of Paytm, has resigned due to personal reasons, marking the fourth high-profile departure from the company in recent months. Meanwhile, Paytm has allotted 87,373 equity shares to eligible employees under its ESOP plan. Prior to Gupta’s resignation, leadership changes were noted at Paytm Payments Bank and Paytm Money, further underscoring a period of transition within the organization. These developments reflect a pivotal time for the Paytm Group, with implications for its future direction and growth strategy.