One97 Communications Limited (OCL), the promoter company of Paytm, on Saturday, announced an expansion in its top management to build a larger and more profitable payments and financial services delivery business. The company said in a statement that Bhavesh Gupta, the company's President and Chief Operating Officer, who is responsible for the payments and loan business, has decided to take a break in his career "due to personal reasons".

Vijay Shekhar Sharma thanked for his contribution

He will remain with the company in a consultant role till the end of this year and will guide Paytm's growth initiatives. Paytm Founder and CEO Vijay Shekhar Sharma thanked Bhavesh Gupta for his contribution and smooth transition. Sharma said, "Our focus on payments and credit is stronger than ever. I will work with the experienced leaders across each of our businesses to deliver on our plans."

'I am confident that Paytm will touch new heights'

Gupta said he looks forward to supporting Paytm in an advisory role. He said, "Given the depth of payments and financial services leadership it has created over the last few years, I am confident that Paytm will scale new heights." The company has also changed leadership in its wealth subsidiary Paytm Money Limited (PML). Recently it has appointed Rakesh Singh as its CEO.

Varun Sridhar of Paytm Money has a big responsibility

Varun Sridhar, former head of Paytm Money Limited, has been made the CEO of Paytm Services Private Limited (PSPL), giving new responsibility. Sharma said, "I am excited about the direction Paytm has taken under Varun's leadership in expanding the reach of mutual funds and wealth management products in the country."

'This is both an honour and a responsibility'

He said, "I welcome Rakesh to the Paytm Wealth business, where we are committed to offering technology-based world-class wealth products to young Indians." Singh said it is "both an honour and a responsibility" to step into the CEO role of Paytm Money Ltd.