Paytm Money revealed the appointment of Mr. Varun Sridhar as its new Chief Executive Officer in its latest announcement. Paytm Money is the Sebi approved wholly-owned wealth management services division of Indian online payment, financial services, and ecommerce operator Paytm. Founded in 2017, the firm has had successful growth in the market to date and boasts a user base of 5 Million clients with a monthly growth rate of nearly 15%.
However, the firm has recently experienced several major changes to its senior management team which now currently sees the appointment of the new CEO. Varun succeeds Mr. Pravin Jadhav – Founder of the Paytm Money unit as CEO following Jadhav’s abrupt resignation earlier this year spurred by issues related to ESOPs and remuneration. The incoming executive is a veteran who has been active in the banking and financial services industry for nearly 18 years now.
Varun most recently served as Chief Executive Officer of FinShell India – the country’s first full-stack financial services platform developed by a mobile OEM. Prior to that, he served at BNP Paribas for nearly eight years during which he served in roles of head of retail banking, head of individuals – international retail banking and board of directors at Sharekhan.
Some of his other notable roles include – Consultant at Value Partners, Head of National Channel for Mobile Sales Force at Deutsche Bank, and Sales Manager for Personal Loans unit at Citi Bank. He began his career as a Business Development Officer at Converge Labs Software Technology Pvt Ltd in October of 2001 shortly after graduating with a Bachelors’s degree in Business Management from Delhi University. He also holds an MBA in Strategy, Finance, and Marketing from SDA Bocconi. It should be noted that just earlier this year, the firm onboarded Mr. Amit Kapoor from Aviva India to serve as its new Chief Financial Officer and Vice President.
Commenting on his new role at the firm Varun said “I am thrilled to be part of the team that is responsible for introducing wealth management services to consumers in both India and Bharat and making meaningful financial inclusion simple & easy. At Paytm Money, I hope to build along with a fantastic team the most cost-effective & consumer-friendly products & experience for investors & 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”.
Speaking about Varun’s addition to the team – Amit Nayyar said “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. I look forward to working closely with him to expand Paytm Money further”.