Paytm’s parent company, One 97 Communications Ltd, nominated Bhavesh Gupta, Senior Vice President, as President and Chief Operating Officer (COO) on Tuesday.
In his new post, Gupta will be responsible for leading loans, insurance, payments (both online and offline), and consumer payments, as well as driving important projects such as user growth, operations risk, fraud risk, and compliance. Gupta will report to Paytm’s Managing Director and CEO, Vijay Shekhar Sharma.
Gupta joined Paytm in 2020 after serving as CEO of Clix Capital (previously known as GE Capital), Head of SME & Business Banking at IDFC Bank, and in several capacities at ICICI Bank. Gupta earned his bachelor’s degree from Delhi University and his MBA from the Institute of Management Studies in Indore.
Paytm’s parent company, One 97 Communications Limited, accepted the hiring of SR Batliboi and Associates LLP (SRB), also known as Ernst and Young (EY), as its new statutory auditor for a five-year term last month. SRB will take over for PricewaterhouseCoopers (PwC), whose five-year contract expires this year.
SRB will be in office for five years, beginning with the conclusion of the 23rd annual general meeting (AGM) this year and ending with the conclusion of the 28th AGM.
According to the firm, SRB’s selection as Paytm’s new statutory auditor for a five-year term is expected to bring a fresh perspective to the company’s auditing procedures and promote transparency in financial reporting.
Paytm CEO Vijay Shekhar Sharma recently stated that the company’s goal is to be “free cashflow positive in the near future.”
Sharma noted in a letter to shareholders, which he shared on Twitter, that with the arrival of early-stage AGI (Artificial General Intelligence), there would be additional chances to improve business efficiencies in 2023.