Paytm Payments Services Limited (PPSL), a wholly-owned subsidiary of Paytm, has announced the resignation of Nakul Jain from his position as Managing Director and CEO.
Jain, who joined Paytm in April 2022, has decided to step down to pursue an entrepreneurial venture.
Before joining Paytm, Jain served as the Managing Director of Private Banking, Priority Banking, Deposits, and Branch Banking in India at Standard Chartered Bank.
He will officially leave PPSL by March 31, 2025, or an earlier mutually agreed date, the company confirmed.
In its statement, Paytm mentioned that it is actively seeking a replacement for Jain and remains focused on achieving its growth and business objectives.
The company added that despite Jain’s departure, PPSL will continue to provide payment aggregation services to its online merchants.
PPSL recently received approval for downstream investment from the Government of India, and its application for a payment aggregator (PA) license is still under review. The company has been navigating regulatory challenges as it seeks to further expand its business.
One97 Communications, the parent company of Paytm, reported a net loss of Rs 208.5 crore for the third quarter of FY25, marking a shift from the profit of Rs 930 crore in the previous quarter (Q2). However, this loss was a slight improvement compared to the Rs 221.7 crore loss reported in the third quarter of FY24.
The fintech company also saw a 35.87% year-on-year decline in revenue from operations, which stood at Rs 1,827.8 crore for Q3 FY25, down from Rs 2,850.5 crore in the same quarter last year.
Paytm underwent significant leadership changes in the past year, with Surinder Chawla resigning as MD and CEO of Paytm Payments Bank in April 2024, and Vijay Shekhar Sharma stepping down from his part-time non-executive chairman and board member roles.
In October 2024, Sidharth Shakdher joined the company as Business Head after leaving his role as Chief Business Officer at Ola Mobility.
