Paytm Payments Services CEO Nakul Jain steps down amid awaited RBI approval for aggregator licence

Paytm Payments Services Limited CEO Nakul Jain will be resigning on March 31, 2025, its parent company One97 Communications informed in an exchange filing on Monday.

“Nakul Jain, Managing Director and Chief Executive Officer (CEO) of PPSL, has resigned from his position w.e.f. close of business hours on March 31, 2025 or an earlier mutually agreed date. Mr. Jain has decided to pursue an entrepreneurial journey, which has led him to this decision,” the exchange filing read.

This decision comes as Nakul Jain plans to pursue an entrepreneurial journey.

The company is looking for a suitable replacement for Jain.

“PPSL is actively working on identifying a suitable replacement and will announce the new appointment in due course. In the interim, PPSL remains focused on driving its growth and continuing to meet its business objectives,” the company said.

Paytm Payments Services awaits RBI nod

Nakul Jain's resignation comes as the fintech company is awaiting the Reserve Bank of India's approval for a payment aggregator licence. The central bank rejected its application in November 2022 due to non-compliance with FDI norms.

In August 2024, Paytm received government approval for downstream investment in Paytm Payments. Following this, the company applied for an aggregator licence again.

Paytm Q3FY25 results

One97 Communications reported earnings for the quarter that ended on December 31, 2024, on January 20. The parent company of fintech major Paytm reported a net loss of ₹208.3 crore. The net loss declined from ₹219.8 crore reported in the same quarter the previous year.

Paytm’s consolidated revenue from operations for the third quarter of the current fiscal year fell 36% year-on-year (YoY) to ₹1,827.8 crore from ₹2,850.5 crore, while Paytm's revenue rose 10% sequentially.

“In Q3FY 2025, we achieved 10% QoQ revenue growth, due to an increase in GMV, healthy growth in subscription revenues and an increase in revenues from the distribution of financial services. Growth in net payment margin was largely on account of higher subscription revenue. Payment processing margin continues to remain in the guided range,” One 97 Communications said in a release.