One97 Communications Ltd, which operates Paytm, has appointed Bhavesh Gupta as Managing Director (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 partnership with other banks and NBFC. Gupta will report to Amit Nayyar, President of Paytm.
Last week, the company also announced the appointment of Varun Sridhar as the new CEO of its wealth management arm, Paytm Money.
Previously, Gupta was a founding member and CEO of Clix Capital, previously known as GE Capital India, where he focused on building a diversified non-bank finance company (NBFC), in the area of corporate lending. digital consumers and MSMEs. At Clix Capital, Gupta also considered expanding Clix Capital’s offerings to the affordable urban housing segment.
Previously, he was a founding member and Director of SME and Business Banking Services of IDFC First Bank for two years. Gupta also spent over a decade at ICICI Bank, where he played a leading role in retail banking, both on the liability and lending side of the business.
“Paytm’s mission is to democratize diversified financial services in the country and access to credit for consumers and small businesses is an essential catalyst in achieving their ambitions and wishes. “We are very pleased to welcome Bhavesh, whose experience would help us accelerate our goals. I look forward to working closely with him to further develop our lending business with our esteemed banks and NBFC partners,” said said Amit Nayyar, president of Paytm.
“I am delighted to be part of the team that is responsible for introducing innovative products such as Paytm Postpaid, making a significant effort to promote financial inclusion in the country. I plan to build, with a fantastic team, the most profitable and user-friendly loan products for all citizens. The wealth management and financial services solutions that Paytm develops transform the lives of millions of Indians and are also relevant globally, ”added Gupta.
Paytm is looking to expand its presence in financial services and has aggressively hired top executives in its insurance, wealth management (Paytm Money) and lending industries.
In March, Paytm acquired the former CEO of insurtech startup Coverfox, Premanshu Singh, as senior vice president and responsible for its insurance business.
In the area of loans, Paytm currently offers Paytm First Credit Card, Paytm Postpaid, personal loans and cash loans to merchants, in partnership with banks and NBFCs.
Earlier in June, Paytm also extended its Paytm Postpaid consumer loan product to offline retail and kirana stores, with the aim of helping users eliminate the need to withdraw cash to meet monthly household expenses.
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