In a strategic move to reinforce its position in the payment and financial services sector, One97 Communications, the parent company of Paytm, has announced significant leadership changes. Rakesh Singh has been appointed as the new Chief Executive Officer (CEO) of Paytm Money, the wealth management arm of Paytm, succeeding Varun Sridhar.
Sridhar, who served as the CEO of Paytm Money since 2020, will transition to a different role within the company. The appointment of Singh, who previously held the same position at Fisdom, a discount brokerage firm, reflects Paytm’s commitment to drive growth and innovation in the competitive financial services landscape.
Under Sridhar’s leadership, Paytm Money achieved profitability in the financial year 2023, reporting a net profit of Rs 42.8 crore on revenue of Rs 132.8 crore. However, despite this success, Paytm Money faces formidable competition from established players like Zerodha, Groww, and Upstox in the discount broking industry.
To bolster its executive team, Paytm Money recently welcomed Vipul Mewada as a senior executive, leveraging his experience from ICICI Securities as a deputy CFO. These leadership changes come amidst a dynamic period for the online wealth management sector, marked by evolving consumer preferences and regulatory developments.
Despite challenges, Paytm remains focused on enhancing its offerings and expanding its market reach. However, the parent company, One 97 Communications, has faced stock market challenges, with shares declining by nearly 45% on the National Stock Exchange over the past year. The regulatory scrutiny on Paytm Payments Bank Ltd. further added pressure on the company’s performance.
Paytm Money ropes in Rakesh Singh to replace Varun Sridhar as CEO.
As Paytm continues to navigate the evolving financial landscape, the appointment of Rakesh Singh as the new CEO of Paytm Money signals a strategic shift aimed at driving growth, innovation, and sustained competitiveness in the financial services industry.
