Bhavesh Gupta is promoted by Paytm to President and Chief Operating Officer.
According to a business update by One 97 Communications, the firm that runs the fintech behemoth Paytm, Bhavesh Gupta has been promoted to the positions of President and Chief Operating Officer (COO). According to a regulatory filing by the company to the stock exchanges, Gupta, who was formerly Senior Vice President at Paytm, will now be responsible for leading the lending, insurance, payments-online and offline, consumer payments, and driving key initiatives including user growth, operations risk, fraud risk, and compliance.
Gupta will continue to answer to the company’s managing director and chief executive, Vijay Shekhar Sharma. Gupta is a financial services expert with over 25 years of experience establishing businesses from the bottom up in payments, technology and analytics platforms, retail loans, digital lending, SME banking, and retail banking, according to the company’s statement.
Mr Gupta had a number of executive positions before to joining Paytm in 2020, including CEO of Clix Capital (formerly GE Capital), Head of SME & Business Banking at IDFC Bank, and numerous positions at ICICI Bank.
In the fourth quarter of FY23, Paytm’s consolidated net loss decreased to 168.4 crore from a loss of 761.4 crore in Q4 of the previous year. An rise in GMV, increased merchant subscription revenues, an increase in loans issued, and full-year UPI incentives announced during the quarter all helped the result.
With regard to the top line, Paytm’s revenue from operations was $2,334.5 crore in Q4FY23, up 13.2 percent from $2,062.2 crore and up 51.5% from $1,540.9 crore in Q4FY22. On May 16, One 97 Communications’ shares on the BSE closed 1.49 percent higher at $723.35 per share.