Nakul Jain, the CEO and Managing Director (MD) of Paytm Payments Services Ltd (PPSL) has resigned from his position. The company confirmed in a filing with the stock exchange.
Jain’s resignation will take effect at the close of business on March 31, 2025, or an earlier date to be mutually agreed upon.
In the filing, One97 Communications, the parent company of Paytm, stated that Jain resigned to pursue an entrepreneurial journey.
The company also confirmed that PPSL is actively working to identify a suitable replacement for the position. “PPSL remains focused on driving its growth and continuing to meet its business objectives during this transition,” the filing added.
Despite the leadership change, PPSL remains committed to maintaining momentum. The company is dedicated to meeting its business goals and ensuring uninterrupted service to its existing merchants.
In the interim, PPSL will continue with its operations, with a new CEO appointment expected to be announced in due course.
PPSL also shared updates on its regulatory status and business performance. In August 2024, the company received approval from the government for downstream investment into PPSL. Following this approval, PPSL resubmitted its Payment Aggregator (PA) application and is awaiting further approval.
On the financial front, Paytm reported a strong performance for Q3 FY25, with key financial metrics showing robust growth. The company’s operating revenue rose by 10 percent quarter-on-quarter (QoQ), reaching Rs 1,828 crore, driven by its payments business and expanding financial services distribution portfolio.
Additionally, Paytm saw an improvement in its Profit After Tax (PAT), which improved by Rs 208 crore QoQ, narrowing to a loss of Rs 208 crore.
The company’s cash reserves also grew by Rs 2,851 crore QoQ, reaching Rs 12,850 crore. Its payments services revenue increased to Rs 1,059 crore, while financial services revenue saw an impressive 34 percent QoQ rise, reaching Rs 502 crore.
With the leadership transition underway, Paytm Payments Services is focused on maintaining its growth trajectory and continuing to innovate within the payments and financial services sectors.
The company’s leadership is working to ensure a smooth transition and sustain its momentum in the rapidly evolving industry.
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