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Paytm Money appoints Rakesh Singh as its CEO; Varun Sridhar moves to become Paytm Services' CEO
In another development, Bhavesh Gupta, the COO and president of Paytm, has stepped down to assume an advisory role.
Paytm Money, a subsidiary of One97 Communications, has appointed Rakesh Singh as the new CEO following Varun Sridhar's resignation, as per reports on Mint. Sridhar will now lead Paytm Services, which focuses on distributing mutual funds and wealth management products.
The company's goal is to grow its presence and establish itself as a leading broker in India by focusing on increasing customer acquisition and offering reliable, creative products at an affordable, transparent price.
Singh, with over 18 years of experience in the banking sector, has previously served as the head of Fisdom, a discount brokerage firm. Under Sridhar's leadership, Paytm Money became profitable in the fiscal year 2023, with a net profit of Rs. 42 crore and revenue nearly doubling to Rs. 131 crore.
Vijay Shekhar Sharma, founder and CEO of Paytm, expressed his pleasure in having Singh join Paytm Wealth business, which focuses on creating high-quality technology-driven wealth products for young Indians.