Bhavesh Gupta, the COO and President of digital payments and financial services firm Paytm, has decided to step down from his position, effective from May 31, 2024.

What Happened: Gupta submitted his resignation on May 4, 2024, as disclosed by the company through a stock regulatory filing. Post his resignation, Gupta will continue to assist the firm in an advisory role in the CEO’s office.

Gupta stated that he has chosen to take a career break due to personal reasons. “I look forward to supporting Paytm in an advisory role. I am confident of Paytm reaching new heights given the depth of leadership in payments and financial services that has been built over the past few years,” he said.

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The company has accepted his resignation and he will be relieved from his duties at the end of business hours on May 31, 2024.

As part of a leadership restructuring, the fintech firm appointed Rakesh Singh as the new chief executive officer of Paytm Money. Varun Sridhar, who previously led Paytm Money, will now take over as CEO of Paytm Services, responsible for distributing mutual funds and other wealth management products.

Founder & CEO of Paytm, Vijay Shekhar Sharma, expressed his gratitude towards Gupta for his contributions and assured a smooth transition.

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