Paytm Money likely to announce Rakesh Singh as its next CEO
Paytm Money, the wealth management platform of Paytm, is reportedly appointing Rakesh Singh as the new CEO after Varun Sridhar resigned from the role. Singh is a veteran in the banking industry with over 18 years of experience. Paytm has not held a board meeting to officially appoint Singh and the board approval is likely to take a week. Sridhar has been the Paytm Money CEO for almost four years.
“When massive changes are happening in an organisation there is likely to be big executive rejigs. Sridhar is likely to continue with Paytm and there are discussions to rope him to Paytm insurance or the main payments division,” one of the sources added.
The company had reported Rs 42 crore net profit while its revenue almost doubled to Rs 131 crore during FY23, according to the filings with the registrar of companies. The company’s major source of income is from the brokerage fees it gets from customers.
Three months ago, the Reserve Bank of India imposed crippling restrictions on Paytm Payments Bank Limited, an associate company of Paytm, which impacted the company's wallet and UPI operations. This is likely to have impacted Paytm Money as well.
The wealth management platform sells mutual funds, Systematic Investment Plan (SIP), among other services.
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