Paytm Money, the stockbroking subsidiary of One 97 Communications (OCL), which owns Paytm, has appointed a new CEO. Sandiip Bharadwaj, who previously served as HDFC Securities' chief operating and digital officer, is expected to take over the corner office at Paytm Money, according to sources.
Bharadwaj led HDFC Securities' tech-driven discount broking business, HDFC Sky. Before that, he worked for IIFL Securities and Angel One. Bharadwaj left HDFC Securities about a month ago, according to reports.
Key Highlights
- Sandiip Bharadwaj, former HDFC Securities COO, to become Paytm Money’s new CEO.
- Current CEO Rakesh Singh will transition to another role within the Paytm Group.
Rakesh Singh, the current chief executive of Paytm Money, joined the company last year. He is now expected to take on a new role within the group, according to one of the sources. Singh took over from Varun Sridhar, who stepped down in June 2024. Sridhar later became CEO of Paytm Services.
Paytm Money competes with IPO candidates Groww, Zerodha, Dhan, and Angel One.
Paytm Money, founded in 2017, had approximately 724,249 active traders at the end of June, according to NSE data. In its FY25 results, OCL stated that Paytm Money disbursed Rs 92 crore in margin trade funding, which is a regulated activity under its stockbroking licence.In FY24, it reported total revenue of Rs 195.7 crore and net profit of Rs 71 crore, marking its second consecutive year of profitability.
Also Read: Paytm Money Receives SEBI Approval as a Research Analyst and Investment Adviser
While the company's FY25 financials have yet to be disclosed, Paytm founder Vijay Shekhar Sharma stated during the March quarter earnings call that the company was close to achieving annualised revenue in the Rs 200-300 crore range.
Madhur Deora, Paytm's group CFO, commented on the business, saying, "We also launched MTF (margin trade funding) in December of last year, which is scaling up nicely. And we're confident that customer retention is high, and that the business will grow over the next two or three years."
Unlike many of Paytm's other verticals, Paytm Money turned a profit in FY23. It began as a direct mutual funds platform to build a user base for wealth management, but has since expanded into stock trading, National Pension Scheme (NPS), and exchange-traded funds (ETFs).
