Varun Sridhar: Paytm Money, a subsidiary of One97 Communications, is expected to name Rakesh Singh, former CEO of Fisdom’s broking division, as its new CEO following Varun Sridhar’s resignation.
This information comes from two sources. The official appointment of Rakesh Singh awaits a board meeting, which is likely to occur within a week, according to another source. Amid significant organizational changes, there’s anticipation of significant executive reshuffling. Sridhar may continue with Paytm, with discussions underway to potentially involve him in Paytm’s insurance or primary payments division.
Sridhar has held the position of Paytm Money CEO for nearly four years. According to filings with the registrar of companies, the company reported a net profit of Rs 42 crore, with its revenue nearly doubling to Rs 131 crore during FY23. The primary source of income for the company is brokerage fees from customers. -Varun Sridhar
Despite queries from Moneycontrol, Paytm did not respond regarding Sridhar’s resignation or Singh’s anticipated appointment. The Economic Times initially reported on this development.
Singh is a seasoned professional in the banking industry, boasting over 18 years of experience. He has been associated with Fisdom for more than five years.
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Three months ago, the Reserve Bank of India imposed severe restrictions on Paytm Payments Bank Limited, an affiliate of Paytm. These restrictions significantly affected the company’s wallet and UPI operations, likely impacting Paytm Money as well. The wealth management platform offers various services, including mutual funds, Systematic Investment Plans (SIPs), and a trading platform.
