Paytm Money, the wholly-owned subsidiary of One97 Communications, has reportedly appointed Rakesh Singh as the new CEO after Varun Sridhar resigned from the role, Moneycontrol reported on Thursday, citing sources.

The report said that Sridhar, who has been serving as Paytm Money’s CEO since 2020, has transitioned to a different role within the company.

“When massive changes are happening in an organisation there is likely to be big executive rejigs. Sridhar is likely to continue with Paytm, and there are discussions to rope him to Paytm insurance or the main payments division,” the report quoted the sources as saying.

The mobile payments firm is likely to approve the appointment of Rakesh Singh in a week as its board has to hold a meeting to clear it. 

Before joining Paytm Money, Singh, a veteran in the banking industry with over 18 years of experience–held the same position at Fisdom, a discount brokerage firm, for over five years.

Sridhar has been the Paytm Money CEO since 2020. Under his leadership, the company turned profitable in the financial year 2023 and reported a 42 crore net profit while its revenue almost doubled to 131 crore. 

Earlier this year, Paytm Money welcomed Vipul Mewada as a senior executive. Mewada, formerly with ICICI Securities as a deputy CFO, assumed the role in February.

The shares of One 97 Communications have been in the negative territory after the Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank, an associate company of Paytm, three months ago. The RBI restrictions impacted the company’s wallet and UPI operations. 

 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.

More
Less

Published: 02 May 2024, 05:15 PM IST

source