Three senior executives resigned from Paytm in quick succession, according to two people familiar with the matter, adding to a string of departures of top management personnel at the digital payments firm in recent times.
Arun, who worked at Paytm for more than five years, announced his departure in a LinkedIn post. He was previously a senior vice-president at RBL Bank.
Satti, who began her career at Paytm as a manager in the human resources department, has overseen the company’s various businesses over the course of her 15-year tenure. She was also the CEO of Paytm Payments Bank for nearly a year before being promoted to senior vice-president in charge of business and, eventually, COO-offline payments earlier this year.
“Satti’s resignation is most surprising,” said one of the two people cited above. “However, she might be retained,” the person said.
The exact reasons for Satti’s resignation could not be determined, but the people mentioned above stated that there were some disagreements of late between Satti and Bhavesh Gupta, CEO, Paytm Lending.
“Even if she stays with the company, she is not going to be part of offline payments,” one of the people said.
Abhishek Gupta, who joined Paytm last year as senior vice president and COO-lending, has also resigned and is currently serving his notice period. When contacted, Gupta said, “I am still with Paytm.” Satti did not respond to a message seeking a comment.
Separately, the Vijay Shekhar Sharma-led business promoted Abhishek Ranjan, who was appointed COO of Paytm Mall in June last year, to lead Creditmate. Paytm acquired Creditmate, a collections platform that assists lenders in collecting overdue payments from borrowers, in October of this year.
Until the time of publication, Paytm had not commented anything.
In the last two years, the Noida-based firm has seen several exits. Paytm’s president, Amit Nayyar, left the company just a few months before its initial public offering in November. In 2019, the former Goldman Sachs executive was hired to build and lead the company’s financial services division.
At the same time, Shinjini Kumar, the former CEO of Paytm Payments Bank, joined the bank’s board of directors. Kumar joined Paytm Payments Bank as a director, according to company filings with the Registrar of Companies.
Kumar, who runs her fintech startup Salt, joined Paytm Payments Bank as CEO in 2016 and left a year later for “personal reasons,” and Satti was named CEO soon after.
One 97 Communications Ltd, Paytm’s parent company, raised $2.5 billion in what was labeled as India’s largest-ever initial public offering (IPO). However, on their first day on the market, its shares fell by 25%. The stock is currently trading at a significant low to its issue price of ₹2,150, closing at ₹1,344,75 on the NSE on Wednesday.