Paytm COO and President Bhavesh Gupta steps down due to ‘personal reasons’

Paytm COO steps down: Bhavesh Gupta, the Chief Operating Officer (COO) and President of digital payments and financial services firm Paytm, has tendered his resignation effective close of business hours on May 31, 2024. 

Paytm announced Gupta's departure via a regulatory filing, stating that his resignation had been accepted by the company.

The news of Gupta's resignation comes just ahead of the firm's scheduled announcement of its financial results for the March quarter of the fiscal year 2024. Analysts anticipate that the upcoming quarterly results may reflect the impact of regulatory constraints imposed on Paytm's associate firm, Paytm Payments Bank Limited (PPBL).

While Gupta will officially step down from his current role on May 31, 2024, he will continue to serve as an advisor in the CEO's office thereafter, as per the disclosure made by Paytm in a stock exchange filing on Saturday, May 4. 

Gupta attributed his resignation to "personal reasons" and noted ongoing discussions regarding the decision.

Having joined Paytm in 2020, Gupta has held positions including CEO of Clix Capital (formerly known as GE Capital) and head of SME and business banking at IDFC Bank. During his tenure as President and COO at Paytm, Gupta oversaw various verticals including lending, insurance, online and offline payments, and consumer payments, and spearheaded key initiatives focused on user growth, operational risk management, fraud prevention, and compliance.