India: Paytm ropes in Bhavesh Gupta as CEO of lending business

Photo: Reuters

One97 Communications Ltd, which operates Paytm, has appointed Bhavesh Gupta as chief executive officer (CEO) of its lending business. In his new role, Bhavesh will develop and expand Paytm’s lending services and help the company create new credit products for customers and SMEs in partnerships with other banks and NBFCs. Gupta will be reporting to Amit Nayyar, President at Paytm.

Last week, the company had also announced the appointment of Varun Sridhar as the new CEO of its wealth management arm, Paytm Money.

Prior to this, Gupta served as the founding member and CEO of Clix Capital, earlier known as GE Capital India, where he focused on building a diversified non-bank financial company (NBFC), in the digital consumer and MSME lending space. At Clix Capital, Gupta also looked at expanding Clix Capital’s offerings to the urban affordable housing segment.

“Paytm is on a mission to democratize diversified financial services in the country and access to credit for consumers and small businesses is a critical enabler to fulfil their ambitions and wishes. “We are very excited to welcome Bhavesh, whose experience would help us accelerate our goals. I look forward to working closely with him to expand our lending business further along with our esteemed banks and NBFC partners,” said Amit Nayyar, president at Paytm.

Paytm is looking to expand its presence in the financial services space and has been aggressively hiring top brass across its insurance, wealth management (Paytm Money), and lending business verticals.

In March, Paytm acquired former CEO of insurtech startup Coverfox, Premanshu Singh as senior vice president and the head of its insurance business.

Earlier in June, Paytm also extended its consumer lending product Paytm Postpaid to offline retail and kirana stores, in a bid to help users eliminate the need to withdraw cash to meet monthly household expenses.

This article was first published on livemint.com.

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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