As the time approaches for Paytm to reveal its yearly and fourth-quarter outcomes, the mobile payment company based in Noida is seeing a string of top-level resignations, with two senior executives stepping down.
As per a report by MoneyControl, Ajay Vikram Singh, the Chief Business Officer in charge of UPI and User Growth, and Bipin Kaul, the CBO responsible for Offline Payments, are among the recent resignees.
Kaul, who spent almost three years at Paytm, played a pivotal role in driving the company’s offline digital payments and retail business. He has held leadership positions at prominent financial institutions such as IndusInd Bank, IDFC First Bank, and ICICI Bank.
On the other hand, Singh rejoined Paytm in January this year as CBO for UPI and User Growth. These departures follow the recent exit of President and Chief Operating Officer (COO) Bhavesh Gupta, who opted for an advisory role citing personal reasons.
Gupta, known for his crucial role in establishing Paytm’s lending business, was considered a close confidant of founder Vijay Shekhar Sharma. As per the report, Paytm stated that the company is currently undergoing a restructuring process to strengthen its leadership team for sustainable growth in key business areas.
As part of this restructuring, Rakesh Singh, former CEO of stockbroking firm Fisdom, has been appointed as the new CEO of Paytm Money, succeeding Varun Sridhar, who has transitioned to the role of CEO at Paytm Services.
These resignations come after a series of setbacks for Paytm, including the Reserve Bank of India’s (RBI) directive to its associate entity Paytm Payments Bank Limited (PPBL), prohibiting it from conducting banking operations, including UPI and deposits, since March 15.
