One 97 Communications Ltd, which owns Paytm, announced the appointment of Bhavesh Gupta as the president and chief operating officer (COO) of the firm. In a regulatory filing, Paytm said that Senior Vice President Bhavesh Gupta, in his new role as the president and COO of the company, “will be responsible to lead verticals of lending, insurance, payments – online and offline, consumer payments and drive key initiatives including user growth, operations risk, fraud risk and compliance”. He will be reporting to Vijay Shekhar Sharma, Managing Director and Chief Executive Officer of Paytm.
Bhavesh Gupta is a financial services professional with over 25 years experience building businesses grounds up in payments, technology and analytics platforms, retail loans, digital lending, SME banking, retail banking, etc. Before joining Paytm in 2020, Gupta worked in multiple leadership roles including CEO of Clix Capital (formerly known as GE Capital), Head of SME & Business Banking at IDFC Bank and was also associated with ICICI bank in various roles. Gupta is a graduate from Delhi University and completed his MBA from Institute of Management Studies, Indore.
Earlier last month, One 97 Communications Limited had announced the appointment of EY as its new statutory auditor for a tenure of five years, replacing PricewaterhouseCoopers (PwC) as the latter’s five-year term will expire this year. EY will hold the office starting with the conclusion of the 23rd annual general meeting (AGM) to be held this year till the conclusion of the 28th AGM.
In May 2023, Paytm announced its fiscal fourth quarter results wherein its consolidated net loss narrowed sharply to Rs 168.4 crore compared to a loss of Rs 761.4 crore in Q4 of the previous year. In Q4FY23, its revenue surged 51 per cent on-year to Rs 2,334 crore and EBITDA before ESOP cost expanded from the previous quarter to Rs 234 crore (including full-year UPI incentive). “We are indebted to the business team’s attention and efforts which delivered our success. We have added more leadership positions, and India is offering incredible opportunities,” Vijay Shekhar Sharma had said.
