Paytm is likely to appoint Rakesh Singh who is the former CEO of wealth management firm Fisdom’s broking division as the new CEO. This move came in after Varun Sridhar resigned from his position.
However, the board approval is likely to take a week as per a credible source. This still can be counted as credible news as the wealth management app of mobile payments firm Paytm has not held any board meeting to officially appoint rakesh. The board approval is expected to take a week.
“When massive changes are happening in an organization there is likely to be big executive rejigs. Sridhar is likely to continue with Paytm and there are discussions to rope him to Paytm insurance or the main payments division,” stated an anonymous source.
Speaking of Sridhar, he has been the CEO of Paytm Money for almost four years. According to the filings with the registrar of companies, the company had reported the revenue almost doubled to Rs 131 crore during FY23 with INR 42 crore net profit. This income source can be majorly contributed from the brokerage fees that it gets from customers.
Speaking of Rakesh’s competency, he is a veteran in the field of banking leveraging staggering 18 years of unparalleled experience in the banking industry.
Due to an associate company of Paytm (Paytm Payments Bank Limited) who was imposed with crippling restrictions three months ago, it impacted the company's wallet and UPI operations. It is quite certain that it has impacted Paytm Money as well, wherein this wealth management platform sells mutual funds, Systematic Investment Plan (SIP) and trading platform among other services.
