Swati Rustagi, the Chief Human Resources Officer at Paytm, has resigned and is currently serving her notice period. She is expected to join Adobe. Rustagi joined Paytm in 2023 and has previously worked at Hindustan Unilever, DSP Merrill Lynch, Johnson & Johnson Medical, Patni Computer Systems, Max Healthcare, and Amazon.
At Johnson & Johnson Medical, she led HR for surgical care businesses, which comprised 70% of J&J Medical’s business in India, and managed recruitment, learning and development, talent management, and employee engagement. She also handled compensation and benefits for J&J India in 2009-2010.
In February, Vijay Shekhar Sharma, founder of One97 Communications (Paytm’s parent company), resigned as non-executive chairman and board member of Paytm Bank as part of a board reconstitution. New board members include Srinivasan Sridhar, former chairman of Central Bank of India; Debendranath Sarangi, retired IAS officer; Ashok Kumar Garg, former executive director of Bank of Baroda; Rajni Sekhri Sibal, retired IAS officer; Arvind Kumar Jain, former executive director of Punjab & Sind Bank; and Surinder Chawla, MD & CEO at Paytm Payments Bank.
This comes amid significant changes at Paytm, following RBI-imposed restrictions on Paytm Payments Bank, leading to disruptions and several key leadership exits, including Chief Business Officers Ajay Vikram Singh, Bipin Kaul, and Sandeepan Kashyap, as well as President and COO Bhavesh Gupta.
Paytm reported a net loss increase of over 225% to INR 550.5 crore in Q4 FY24, with a 2.9% decline in revenue from operations to INR 2,267.1 crore. The payments business revenue grew by 7% to INR 1,568 crore, while financial services revenue dropped by 36% to INR 304 crore.
Despite these challenges, Paytm promoted Varun Khare to Chief Operating Officer of Paytm Insider.
A Paytm spokesperson stated, “We are committed to sustained growth across key business verticals during our restructuring initiative, strengthening Paytm’s next line of leaders.”
