Bhavesh Gupta, President and Chief Operating Officer, who was overseeing the payments and lending businesses, has decided to take a career break due to “personal reasons”, the company said in a statement.

He will be transitioning to an advisory role, offering guidance for Paytm’s growth initiatives until the end of the year.

Vijay Shekhar Sharma, Founder and CEO, Paytm, thanked Bhavesh Gupta for his contributions and his role in ensuring a smooth transition.

“Our focus on payments and lending is stronger than ever, and I will work with the seasoned leaders that we have in each of our businesses to execute our plans,” said Sharma.

Gupta said he looks forward to supporting Paytm in an advisory role.

“I am confident of Paytm reaching new heights given the depth of leadership in payments and financial services that has been built over the past few years,” he said.

The company has also undertaken leadership transitions within its wealth subsidiary where Rakesh Singh has recently been appointed as the new Chief Executive Officer of Paytm Money Ltd (PML).

Varun Sridhar, former head of Paytm Money Ltd, now leads as CEO at Paytm Services Pvt Ltd (PSPL), marking a transition to new leadership responsibilities.

“I am also excited about the direction that we have taken under the leadership of Varun to expand Paytm’s role in deepening penetration of mutual fund and wealth management products in our country,” said Sharma.

“I welcome Rakesh to Paytm Wealth business where we are committed to build world-class technology led wealth offerings to young Indians,” he added.

Singh said that stepping into the role of CEO at Paytm Money Ltd is “both an honour and a responsibility”.