Paytm Payments Services Limited (PPSL), the payments arm of One97 Communications, announced that its Managing Director and CEO, Nakul Jain, has resigned from his position at the close of business hours on 31 March 2025. In an exchange filing, the company revealed that Jain’s decision stems from his desire to embark on an entrepreneurial journey. The departure date could be earlier if mutually agreed upon.
The company has initiated the search for a successor. “PPSL is actively working to identify a suitable replacement and will announce the new appointment in due course. Meanwhile, the company remains committed to driving growth and achieving its business objectives,” Paytm Payments Services stated.
Leadership transition amid regulatory wait
From what is understood, Nakul Jain joined Paytm Payments Services in 2022, bringing over two decades of experience in payments and retail banking, including leadership roles at Standard Chartered Bank, ICICI Bank, and IndusInd Bank. According to media reports, his resignation comes as PPSL awaits the Reserve Bank of India’s (RBI) approval for its payment aggregator license. The central bank rejected the application in November 2022 due to non-compliance with foreign direct investment norms. After receiving government approval for downstream investment in August 2024, the company reapplied for the license and is awaiting a decision.
The announcement follows One97 Communications’ Q3 FY25 earnings report. The company reported a net loss of Rs 208.3 crore, a slight improvement from the Rs 219.8 crore loss reported in the same quarter last year. Revenue from operations for the quarter dropped 36% year-on-year to Rs 1,827.8 crore but saw a 10% sequential increase, driven by higher GMV, subscription revenues, and financial services distribution.