One97 Communications, the owner of Paytm and Paytm Mall, has been seeing the departure of old guards at the group companies since last year. Now, Paytm Money has turned out to be the latest subsidiary of the Noida-based firm to experience back-to-back resignations at the top level.
After the resignation of the chief executive officer (CEO) Pravin Jadhav, Paytm Money’s chief technology officer (CTO) and operations head have quit the company. According to two Entrackr’s sources, Suresh Vasudevan and Beejish Pillai have put in their papers and are serving their notice periods.
“Both decided to resign parallelly with Jadhav for similar reasons,” said one of the sources cited above, requesting anonymity. While Entrackr could not independently ascertain the reason behind the duo’s departure, Jadhav’s resignation was driven by differences with the company.
Entrackr had exclusively reported about Jadhav’s resignation in April.
Vasudevan and Pillai have been with Paytm Money since January 2019. “They were the first few employees for Paytm Money after Jadhav,” added the above-quoted person. According to their LinkedIn profiles, Vasudevan and Pillai are still with the Bengaluru-based venture.
A Paytm spokesperson confirmed their resignations. “Our CTO put in his papers back in January and is presently serving his notice period. The operations head was shuttling between our headquarters and Mumbai and has decided to move back home due to personal reasons. We have already filled these positions and have charted out an expansion plan,” said the spokesperson in a response to Entrackr’s queries.
Paytm Money is one of the major bets by Vijay Shekhar Sharma after Paytm Mall. It has emerged as a leader in the online wealth management space. The company recently claimed to have over Rs 5,000 crore assets under its management.
Three resignations at the top-level certainly isn’t good news for Paytm Money and it will have an impact on the company’s operations for some time. In FY19, the firm had spent Rs 37.62 crore to earn Rs 76.26 lakh. On a unit level, the company lost Rs 49.33 to earn a single rupee during the same time. It’s worth noting that Paytm Money had operated only for 5-6 months in the year ending March 2019 as it launched late-2018.