![Bhavesh Gupta](https://img.etimg.com/thumb/msid-109845796,width-300,height-225,imgsize-1728862,resizemode-75/bhavesh-gupta.jpg)
Gupta will be transitioning into an advisory role at the office of Paytm CEO Vijay Shekhar Sharma by this month-end.
Along with Gupta, Varun Sridhar, CEO of Paytm Money, has also transitioned into a different role within the group. He has been appointed CEO of Paytm Services, a subsidiary entity dedicated to distributing mutual funds and wealth products. Paytm Money has a new CEO in Rakesh Singh, who was previously with PayU-backed wealth tech startup Fisdom.
ET first reported on the developments on May 2.
"Our focus on payments and lending is stronger than ever, and I will work with the seasoned leaders that we have in each of our businesses to execute our plans," said Paytm founder and CEO Sharma, commenting on Gupta's resignation.
He added that Sridhar will lead Paytm to deepen its penetration of mutual fund and wealth management products while Singh, new CEO of Paytm Money, will focus on building technology-led wealth offerings for young Indians.
Gupta was promoted in May 2023 to the role of COO at OCL. He was initially hired as CEO of Paytm's lending business in 2020. Prior to joining Paytm, Gupta was CEO of Clix Capital, a Mumbai-based NBFC.
Gupta, along with Sharma and group CFO Madhur Deora, represented the company at every analyst meet after quarterly results.
According to the company, Gupta, who was overseeing payments and lending businesses, has decided to take a career break due to personal reasons. The Paytm leadership will focus on profitable business expansion while being committed to regulatory compliance, it added.
This is the second major resignation in the larger group, which includes associate entity Paytm Payments Bank Ltd (PPBL). The bank's CEO Surinder Chawla stepped down on April 9.
After the Reserve Bank of India's action on PPBL, the core fintech business has transitioned into a larger Unified Payments Interface (UPI)-based application. The company has since severed its ties with PPBL and become a third-party application on UPI working with Yes Bank, Axis Bank, HDFC Bank and State Bank of India.
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