Paytm Money, the wealth management subsidiary of One97 Communications Ltd, owner of Paytm recently announced key leadership changes. The company announced the appointment of a new Chief Executive Officer and Chief Financial Officer.
Paytm Money said that it has appointed Varun Sridhar as the company’s new CEO. Sridhar will be succeeding the company’s former Managing Director and CEO Pravin Jadhav who stepped down from his role due to differences with the management team of Paytm.
In his new role Sridhar will be directly reporting to Amit Nayyar, President of Paytm. At Paytm Money, Sridhar will lead the launch and development of equity brokerage services for the firm, and grow existing products around mutual funds, national pension system and gold services, which the company offers.
Commenting on his appointment, Sridhar said, “At Paytm Money, I hope to build the most cost-effective, consumer-friendly products and experience for investors and traders. 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.”
Most recently, Sridhar served as CEO of FinShell India, which is a part of Chinese mobile electronics company, OPPO, where he helped launch realme PaySa a mobile fintech platform. Prior to this, Sridhar was with BNP Paribas for close to eight years where among other assignments, he helped in the acquisition of Sharekhan.
“Paytm Money is on a mission to empower millions of Indians with wealth management products. We are very excited to welcome Varun, whose experience in retail banking, broking, and wealth segment would help us accelerate our goals,” said Amit Nayyar, President at Paytm.
Along with Sridhar’s appointment, Paytm Money also announced that Amit Kapoor, who was formerly the CFO of Aviva India, has joined as the new Chief Financial Officer and Vice President.
Bengaluru-based Paytm Money has a team of 300 employees and a user base of over six million on its platform.
Last year, Paytm Money said that it was looking to invest ₹250 crore over the next year or so to launch new businesses including equity brokerage in this financial year.
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