Paytm COO and president Bhavesh Gupta quits

Bhavesh Gupta, the chief operating officer and president of One97 Communications-owned Paytm, has put in his papers citing personal reasons. This will be the fourth high profile exit at the Paytm Group in the last one month.

“In line with our on-going conversations, due to personal reasons, I will be unable to continue as President & COO and am resigning effective close of business hours 31st May 2024 and request to be relieved accordingly,” said Gupta via an email to Paytm’s MD and CEO Vijay Shekhar Sharma.

Gupta further said that he will continue to support Sharma and the organization in his capacity as an advisor in the CEO office.

In a disclosure filed by One97 on the National Stock Exchange, One97 confirmed Gupta’s departure and that he will be relieved from the services of the company on May 31, 2024.

Meanwhile, Paytm has also announced the fresh allotment of employee stock options (ESOPs) for eligible employees under its ESOP plan 2019. The firm has approved the allotment of 87,373 equity shares having face value of Re 1 each, as fully paid-up, to the eligible staff.

Last month, Paytm Payments Bank’s CEO and managing director Surinder Chawla resigned from the company. During the same month, chief marketing officer (CMO) Sumit Mathur left the company to join  Glanbia Performance Nutrition as Country head.

Earlier this month, Paytm Money’s CEO Varun Sridhar also put in his resignation. In its disclosure, One97 mentioned that Sridhar will be focusing on the distribution of mutual funds and wealth management products while Rakesh Singh has been appointed as the new chief executive of Paytm Money.