Paytm Money managing director and CEO Pravin Jadhav has resigned over rumoured differences with the company, DealStreetAsia has independently confirmed.
The departure was first reported by Entrackr on Tuesday.
“Today [March 31] his resignation was announced internally by Amit Nayyar. Differences over ESOPs, annual salary and remuneration have led to his departure from the company. The company’s board declined to agree to Jadhav’s proposal,” the website said quoting a source.
The company’s spokesperson was not available for comment at the time of publishing this article.
Prior to being elevated to as Paytm Money’s MD and CEO in September last year, Jadhav was working as a whole-time director with the company. He joined Paytm as a consultant in June 2017. In his earlier stints, he has worked as chief products & growth officer with Servify and FreeCharge.
He was also the founder and CEO of Wishberg, according to his LinkedIn profile.
One97 Communication, the parent of digital payments major Paytm, has been facing top-level exodus across subsidiaries since last year.
Last September, Paytm’s two senior vice-presidents (VPs) Deepak Abbot and Nitin Misra submitted their resignations. A month later, two more VPs – Sujit Mishra and Nitin Sagar rendered their resignations amid a high-pressure environment. In May, Paytm Chief Operating Officer (COO) Kiran Vasireddy and Paytm Mall’s COO Amit Sinha had also left after serving long stints.
Paytm Money claims to have over three million users on its investment platform. The company has received regulatory approvals for offering stockbroking and NPS services to its users and is expected to launch them soon.
Last June, the company was also reportedly looking to raise a $1.2-billion mega funding round to expand into mutual funds (MF), insurance, and financial services space. However, the plan has not materialised yet.
Paytm Money raised Rs 28.87 crore (about $4 million) funding from its parent in March last year. The funding was reported to be part of the $10-million investment commitment secured from the parent at the time of its launch in September 2018.