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Paytm's wholly-owned subsidiary, Paytm Payments Services Limited, has announced the resignation of Nakul Jain, Managing Director and CEO.
Before joining Paytm in April 2022, Jain served as the Managing Director of Private Banking, Priority Banking, Deposits, and Branch Banking in India at Standard Chartered Bank.
He resigned from Paytm to pursue an entrepreneurial venture.
In a stock exchange filings, Paytm said that it is actively seeking a replacement and remains focused on its growth and business objectives. Additionally, the subsidiary has received approval for downstream investment from the Government of India and continues to provide payment aggregation services to online merchants.
Paytm underwent significant changes last year. Surinder Chawla resigned as MD and CEO of Paytm Payments Bank on April 8, and Vijay Shekhar Sharma stepped down as part-time non-executive chairman and board member. In October, Sidharth Shakdher joined as Business Head after leaving his role as CBO at Ola Mobility.
Paytm announced its financial results for the third quarter of the current fiscal year (Q3 FY25). The Noida-based company reported revenue of Rs 1,828 crore and a net loss of Rs 208 crore for the period.