Paytm COO and President Bhavesh Gupta resigns, cites personal reasons

Paytm's COO and President Bhavesh Gupta on Saturday resigned from his posts at the company citing personal reasons, a company statement said. The fintech company said in its regulatory filing that Gupta's resignation has been accepted by the company.

Bhavesh Gupta, COO and president of Paytm(Photo courtesy: https://blog.paytm.com/)

"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 by Paytm said.

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Paytm said in its regulatory filing, “His resignation has been accepted by the Company and he will be relieved from the services of the Company w.e.f. close of business hours on May 31, 2024.”

The former COO of the fintech company wrote in his resignation that he will be leaving his position due to personal reasons, and his last working day will be May 31. He further said that he will continue to act as an Advisor in the CEO office of the company.

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In his resignation letter addressed to Paytm founder Vijay Shekhar Sharma, Bhavesh Gupta wrote, “In line with our ongoing personal conversations, due to personal reasons, I will be unable to continue as President and COO of Paytm and am resigning effective close of business hours 31st May 2024 and request to be relieved accordingly.”

Gupta's resignation comes just a few days before Paytm is slated to release its financial results for the March quarter of 2024. It is likely that the financial results of the company for this quarter will take a dip due to the restrictions imposed on its associate firm -- Paytm Payments Bank Limited (PPBL).

Read more: Paytm starts migrating users to new UPI IDs: What changes for you?

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.

(With inputs from PTI)

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