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.
Before that, he was the founding member and head–SME and business banking at IDFC First Bank for two years. Gupta also spent more than a decade at ICICI Bank where he played a senior role across retail banking, both on liabilities and lending side of the business.
“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.
"I am thrilled to be part of the team that is responsible for introducing innovative products such as Paytm Postpaid, making a meaningful effort to promote financial inclusion in the country. I plan to build—along with a fantastic team—the most cost-effective and consumer-friendly lending products for all citizens. The wealth management and financial service solutions that Paytm is building are transforming the lives of millions of Indians and are relevant globally as well," added Gupta.
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.
In the lending business, Paytm, at present offers Paytm First Credit Card, Paytm Postpaid, personal loans, and merchant cash loans, in partnership with banks and NBFCs.
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.
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