Notably, earlier this year, Paytm Money also welcomed a senior-level executive. In February, deputy CFO Vipul Mewada took over from ICICI Securities, where he had worked before.
Paytm Money, the wealth management division of Paytm, named Rakesh Singh as its new CEO recently. He will take over as the company’s CEO from Varun Sridhar, who has held the position since 2020.
Rakesh Singh reportedly joined the organization last month. He formerly held the same role at the discount brokerage company, Fisdom. However, Sridhar has been transferred to a different position inside the organization.
Under Sridhar, the wealth tech company became profitable in FY23. During the same period, the company’s sales were Rs 132.8 crore, with a net profit of Rs 42.8 crore.
In the bargain broking market, however, where Zerodha, Groww, and Upstox are already market leaders, it confronts fierce competition. There are around 760,000 active traders on Paytm Money, according to data from the National Stock Exchange.
Notably, earlier this year, Paytm Money also welcomed a senior-level executive. In February, deputy CFO Vipul Mewada took over from ICICI Securities, where he had worked before.
Since the beginning of this year, there have been numerous changes to senior-level positions in the online wealth management sector.
The parent business of the corporation, One 97 Communication, has had its shares fall by over 45% on the national stock exchange, meaning that its annual performance has remained negative. The RBI’s notification to PPBL (Paytm Payments Bank Ltd.) regarding its operations was the primary cause of the greater decline.
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