Paytm business chiefs Bipin Kaul, Ajay Singh resign amid restructuring

Paytm stated that the company is currently undergoing a restructuring process to strengthen its leadership team

As Paytm gears up to announce its annual and fourth-quarter results later this month, the Noida-based mobile payments firm is witnessing a wave of high-level departures, with two senior executives stepping down. Ajay Vikram Singh, the Chief Business Officer (CBO) overseeing UPI and User Growth, and Bipin Kaul, the CBO responsible for Offline Payments, are among the latest to resign, according to a report by MoneyControl.

Kaul, with nearly three years at Paytm, played a crucial role in driving the company's offline digital payments and retail business. His experience spans leadership positions at prominent financial institutions such as IndusInd Bank, IDFC First Bank, and ICICI Bank. Meanwhile, Singh had rejoined Paytm in January this year as CBO of UPI and User Growth.

These resignations come in the wake of President and Chief Operating Officer (COO) Bhavesh Gupta's recent departure, who chose to transition to an advisory role citing personal reasons. Gupta, known for his instrumental role in building Paytm's lending business, was regarded as a close confidant of founder Vijay Shekhar Sharma.

Paytm stated that the company is currently undergoing a restructuring process aimed at strengthening its leadership team for sustained growth across key business verticals, added the report.

As part of the ongoing restructuring, Rakesh Singh, former CEO of stockbroking firm Fisdom, has been appointed as the new CEO of Paytm Money, succeeding Varun Sridhar, who has transitioned to the role of CEO at Paytm Services.

These departures follow a series of setbacks for Paytm, including the Reserve Bank of India's (RBI) directive to its associate entity Paytm Payments Bank Limited (PPBL), prohibiting it from conducting banking operations, including UPI and deposits, since March 15.