Paytm Money, the subsidiary of One97 Communications Ltd which operates Paytm, has appointed Varun Sridhar as its new CEO.
Sridhar’s appointment comes just months after its former MD and CEO Pravin Jadhav resigned from the startup due to differences with the management of Paytm.
In his new role at Paytm Money, Sridhar will lead the launch and development of equity brokerage services for the firm, and grow existing products around mutual funds, national pension system and gold services, which the company offers.
Sridhar will be reporting to Amit Nayyar, President at Paytm, who joined the company in August last year, to lead Paytm’s financial services business.
"At Paytm Money, I hope to build the most cost-effective, consumer-friendly products and experience for investors and traders. The wealth management and financial service solutions that Paytm is building are transforming the lives of millions of Indians and are relevant globally as well," said Varun Sridhar, CEO at Paytm Money.
Last week, Paytm founder Vijay Shekhar Sharma said that the company was gearing up to launch stock broking services in the coming weeks. Paytm Money procured approval from capital market regulator Securities and Exchange Board of India (SEBI) to begin stock broking services on its platform, last year in April.
Sridhar has most recently served as CEO of FinShell India, which is a part of Chinese mobile electronics company, OPPO, where he helped launch realme PaySa a mobile fintech platform.
Prior to this, Sridhar was with BNP Paribas for close to eight years where among other assignments, he helped in the acquisition of Sharekhan.
“Paytm Money is on a mission to empower millions of Indians with wealth management products. We are very excited to welcome Varun, whose experience in retail banking, broking, and wealth segment would help us accelerate our goals," said Amit Nayyar, President at Paytm.
Paytm Money also said Amit Kapoor has joined as the new CFO and vice president.
Bengaluru-based Paytm Money has a team of 300 employees and a user base of over six million on its platform.
Last year, Paytm Money said that it looking to invest ₹250 crore over the next year or so as to launch new businesses including equity brokerage in this financial year.