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.