Paytm COO Bhavesh Gupta quits; company rejigs senior management

Bhavesh Gupta will resign from the company by the end of this month.

Paytm’s parent company One97 Communications president and chief operating officer Bhavesh Gupta has resigned from the company, an official statement said on Saturday.

As part of a change in leadership structure, fintech firm Paytm has appointed Rakesh Singh as chief executive officer of Paytm Money.

The company has moved Varun Sridhar, who was heading Paytm Money, as CEO of Paytm Services -- which deals in the distribution of mutual funds and other wealth management products.

“Bhavesh Gupta, President and Chief Operating Officer, who was overseeing the payments and lending businesses, has decided to take a career break due to personal reasons. He will be transitioning to an advisory role, offering guidance for Paytm’s growth initiatives until the end of the year,” the statement said.