Fintech firm Paytm’s founder and CEO, Vijay Shekhar Sharma, is reconnecting with his former allies and trusted executives to help rejuvenate the company, which has endured regulatory challenges and internal conflicts. This is as per a report by Moneycontrol.
Sharma has reportedly reached out to his closest associates, including Renu Satti, Kiran Vasireddy, and Nehul Malhotra, inviting them to return to the company. Renu Satti was the CEO of Paytm Payments Bank, and she stepped down in 2018 from her position. Eventually, in 2021, Satti, who was then the COO of offline payments at Paytm, resigned.
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Kiran Vasireddy, who was appointed as the COO for Paytm’s payment business in 2017, left the company in 2021. Nehul Malhotra, on the other hand, was appointed as the head of consumer lending in 2021 at BharatPe. Eventually, he quit in 2022 and started his own start-up, Genwise.
Speaking to Moneycontrol, a source said, “Talks with Vasireddy and Malhotra, who could be leading the user growth initiative at Paytm, were initiated sometime back. Vijay has been in touch with his close aides and wants to rebuild the whole team as he takes direct charge of each business.”
However, as per the report, Malhotra has denied the move. Paytm, on the other hand, dismissed these speculations, emphasizing their commitment to promoting talented individuals into leadership positions within the company. As per the report, a Paytm spokesperson said, “We have not reached out to them, nor are we in discussions with former executives. We have been focusing on strengthening the roles of our next line of leaders internally and ensuring strong succession planning.”
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There have been several exits in the fintech industry since the Reserve Bank of India imposed restrictions on Paytm Payments Bank Limited. There has been a reduction in Paytm’s UPI market share as well, from 13 percent in January to 8.1 percent in May.
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