Paytm Payments Services Limited, which is Paytm's wholly-owned subsidiary, has announced the resignation of its Managing Editor and CEO Nakul Jain.
Prior to his role at Paytm Payments Services Limited, Jain served as the Managing Director of Private Banking, Priority Banking, Deposits, and Branch Banking in India at Standard Chartered Bank. He then joined Paytm in April 2022. It is said that he has resigned from Paytm to pursue an entrepreneurial venture.
Paytm has also said that it is actively seeking a replacement and remains focused on its growth and business objectives in a stock exchange filing. Adding to this, the subsidiary has also received approval for downstream investment from the Government of India. Currently, it continues to offer payment aggregation services to online merchants.
Last year, we saw Paytm undergo significant changes, wherein, Surinder Chawla resigned as MD and CEO of Paytm Payments Bank on April 8, while Vijay Shekhar Sharma stepped down as board member and part-time non-executive chairman. Furthermore, Sidharth Shakdher joined as Business Head in October 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), wherein, it reported revenue of INR 1,828 crore and a net loss of INR 208 crore for the aforementioned period.
