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Paytm consolidates offline payments, lending leadership post high-profile exits

Paytm consolidates offline payments, lending leadership post high-profile exits

The company has elevated Bhavesh Gupta, CEO, Paytm Lending to take on leadership for the offline payments vertical in addition to his existing responsibilities.

Paytm has also promoted 25 colleagues to Senior Vice President and Vice President positions. Paytm has also promoted 25 colleagues to Senior Vice President and Vice President positions.

Digital payments and financial services firm Paytm on Friday announced that it has consolidated leadership of its offline payments business with lending. The announcement comes after recent high-profile exits from Paytm including Abhishek Arun, Chief Operating Officer, Paytm Payments Bank and Renu Satti, the Chief Operating Officer, Offline Payments, as per an earlier report of BusinessToday.in.

The company has elevated Bhavesh Gupta, CEO, Paytm Lending to take on leadership for the offline payments vertical in addition to his existing responsibilities. With these changes, Paytm aims to increase penetration of credit to its 23 million merchants. The company intends to grow its leadership in the offline payments space and propel the growth of credit to merchant partners with this consolidation.

"Bhavesh has led the company's lending vertical, which has reached over $1 billion of annualised runrate of disbursals through the company's platform. Before joining Paytm," noted the firm in an official statement.

Before joining Paytm, Bhavesh Gupta had over 22 years of experience in the financial sector with major banks like IDFC Bank, ICICI Bank.

Paytm has also promoted 25 colleagues to Senior Vice President and Vice President positions, taking the senior management team count to over 150. The company is further planning to hire over 30 senior leaders for product, technology and business roles.

Paytm spokesperson said, "We are excited about the accelerated growth of credit access to merchants, which has led to the consolidation of our offline payments and credit businesses under Bhavesh's leadership. We congratulate our colleagues on their promotions as a recognition of their contribution to Paytm's growth. We also wish Renu all the best as she moves to the next phase of her journey."

Paytm noted that after over a decade of association with the firm, Renu Satti has expressed her desire to take a career break. "Paytm is thankful for her years of expertise, dedication and contribution in the growth of Paytm and wishes her the best for her future endeavors," read the statement.

The online payments giant added that Satti's was the only voluntary senior exit in the company in recent times. It further added that the management team is greatly augmented by several recent additions in offline payments and financial services.

Published on: Dec 24, 2021, 7:04 PM IST
Posted by: Mohammad Haaris Beg, Dec 24, 2021, 7:00 PM IST