Part of restructuring exercise, claims Paytm

NEW DELHI: Ajay Vikram Singh, chief business officer (CBO) of the UPI and User Growth vertical, and Bipin Kaul, CBO, Offline Payments have stepped down from digital payments major Paytm, as senior-level exits continue at the company amid “ongoing restructuring”.

Paytm said, in a statement, it is committed to ensuring sustained growth across key business verticals as “we are going through a restructuring initiative that signals a reinvigorated approach under Paytm’s CEO”.

“These changes are part of our approach to strengthen Paytm’s next line of leaders,” the company added.

Last week, One97 Communications Ltd (OCL), which owns Paytm, announced plans to expand its leadership team to build a large and profitable payment and financial services distribution business.

“These robust leaders will work directly with the CEO and other senior management leaders fostering innovation and strengthening the group structure for sustainability and regulatory compliance,” said the digital payments company.

As per the company, Bhavesh Gupta, president and chief operating officer, has taken a career break due to “personal reasons”, and will be transitioning to an advisory role. The digital payments major also saw leadership transitions within its wealth subsidiary where Rakesh Singh has been appointed as the new CEO of Paytm Money Ltd (PML and Varun Sridhar, former head of Paytm Money Ltd, now leads as CEO at Paytm Services Pvt Ltd (PSPL).

“As and when we have further updates, we will continue to engage with concerned stakeholders,” said Paytm.