“One97 Communications Limited, brand owner of Paytm, India’s leading digital ecosystem for consumers and merchants, is further strengthening its focus on offline payments and financial services,” a regulatory filing said.
The company has consolidated leadership in its offline payments business with loans, aiming to increase credit penetration among its 23 million merchants, it added.
The filing says Gupta led the company’s lending vertical, which reached more than $1 billion in annualized disbursements through the company’s platform.
Prior to joining Paytm, he had over 22 years of financial industry experience with major lenders like IDFC Bank and ICICI Bank.
“After more than a decade of association with Paytm, Renu Satti has expressed his desire to take a break from his career. Paytm is grateful for his years of expertise, dedication and contribution to the growth of Paytm and wishes him the best for his future endeavours.” says the file.
Paytm noted that “this is the company’s only voluntary senior exit in recent times, and the leadership team is significantly augmented by several recent additions in offline payments and financial services.”
“As a reward for their performance, Paytm recently promoted 25 colleagues to senior vice president and vice president positions, bringing the management team to over 150. The company further plans to hire more than 30 senior executives for product, technology and business roles,” he said.
A Paytm spokesperson said the company is excited about the accelerating growth in access to credit for merchants, which has led to the consolidation of its offline payment and credit businesses under Bhavesh’s leadership.
Paytm remains committed to the goal of bringing half a billion Indians into the mainstream economy and driving inclusion in digital payments and financial services, the company said.