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Business News/ Companies / News/  Paytm Money: Rakesh Singh replaces Varun Sridhar as CEO of One97 Communications’ arm
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Paytm Money: Rakesh Singh replaces Varun Sridhar as CEO of One97 Communications’ arm

Varun Sridhar, former head of Paytm Money, will transition to Chief Executive Officer of Paytm Services Private Limited, focusing on the distribution of mutual funds and wealth management products

Under Varun Sridhar's leadership, Paytm Money became profitable in 2023. (Photo: Mint)Premium
Under Varun Sridhar's leadership, Paytm Money became profitable in 2023. (Photo: Mint)

Paytm Money, the wholly-owned subsidiary of One97 Communications, has appointed Rakesh Singh as the new CEO after Varun Sridhar resigned from the role, the company said in a regulatory filing.

Sridhar, former head of Paytm Money Ltd, will transition to Chief Executive Officer of Paytm Services Private Limited, focusing on the distribution of mutual funds and wealth management products.

"Stepping into the role of CEO at Paytm Money Ltd is both an honour and a responsibility. As we aim to scale and position ourselves among the top brokers in India, our focus will be on ramping up acquisition and delivering stable, innovative products at a low-cost, transparent price. Focusing on growing an already profitable operation with full compliance to SEBI regulations will be a top priority. I am eager to build on the solid foundation laid by the team, and my focus will be on Paytm Money's growth, " said Rakesh Singh, the newly appointed CEO of Paytm Money.

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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.

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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. 

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“Our focus on payments and lending is stronger than ever, and I will work with the seasoned leaders that we have in each of our businesses to execute our plans," Vijay Shekhar Sharma, Founder and CEO - Paytm said.

"I welcome Rakesh to Paytm Wealth business where we are committed to build world class technology led wealth offerings to young Indians," he added.

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.

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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. 

 

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Published: 02 May 2024, 05:15 PM IST
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