Paytm Money, the wealth management unit of One97 Communications, has roped in Varun Sridhar, as the company’s new Chief Executive Officer. Sridhar would be responsible for leading the launch and development of the equity brokerage along with mutual funds, NPS, and gold services at Paytm Money.
Before joining the Bengaluru-based company, Sridhar was serving as CEO of an Oppo group company, FinShell India, for the last year and a half. Having over two decades of experience in the digital sector, he has also worked with BNP Paribas, Citi Bank, Deutsche Bank, and Value Partners.
Sridhar would report to the president of Paytm – Amit Nayyar.
Paytm Money has also elevated Amit Kapoor as the new CFO & vice president for the company. Before this role, Kapoor was CFO at Paytm General Insurance for a short tenure. In his previous stint, he was the CFO at Aviva India, a life insurance company.
The appointment of the CEO and CFO at Paytm Money has come after back-to-back resignations at the top level in 2020. In March this year, Pravin Jadhav, managing director and CEO of Paytm Money, had resigned from the company. Soon, its CTO- Suresh Vasudevan and operations head-Beejish Pillai also moved out in May.
Entrackr had exclusively reported the departure of Jadhav, Vasudevan, and Pillai.
Paytm Money is one of the major bets by Sharma after Paytm Mall. It has emerged as a strong player in the overall wealth management space and claims to have over Rs 5,000 crore assets under its management. The company is close to launching a stockbroking service on the app.
While Paytm Money is yet to file its FY20 results, in FY19, it had spent Rs 37.62 crore to earn Rs 76.26 lakhs. On a unit level, the company lost Rs 49.33 to make a single rupee in the last fiscal year.