Paytm, a digital payments and financial services company, revealed on Friday that it has integrated its offline payments operations with loans. The news follows the departures of many high-profile Paytm executives, including Abhishek Arun, Chief Operating Officer, Paytm Payments Bank, and Renu Satti, Chief Operating Officer, Offline Payments.
In addition to his current responsibilities, Bhavesh Gupta, CEO of Paytm Lending, has been promoted to manage the offline payments vertical. Paytm hopes to expand credit penetration among its 23 million merchants with these modifications. With this consolidation, the firm hopes to strengthen its position as a leader in the offline payments industry and accelerate the expansion of credit to merchant partners.
“Before joining Paytm, Bhavesh oversaw the company’s loan vertical, which has reached over $1 billion in annualized run-rate of disbursals through the company’s platform,” the company said in a statement.
Bhavesh Gupta had over 22 years of expertise in the financial sector, working for large banks such as IDFC Bank and ICICI Bank before joining Paytm.
Paytm has also promoted 25 employees to the roles of Senior Vice President and Vice President, bringing the total number of senior management employees to over 150. In addition, the company intends to hire approximately 30 top executives in the product, technical, and business areas.
