Synopsis
Nakul Jain has resigned from his position as the CEO and MD of Paytm Payments Services Ltd, as announced by the company. The firm is currently in search of a suitable replacement while maintaining its focus on growth.Key Takeaways
- Nakul Jain resigns as CEO of PPSL.
- Company actively searching for a replacement.
- PPSL remains focused on growth objectives.
- Significant financial growth reported for Q3 FY25.
- Approval for downstream investment received.
Mumbai, Jan 28 (NationPress) Nakul Jain, the Chief Executive Officer (CEO) and Managing Director (MD) of Paytm Payments Services Ltd (PPSL), has stepped down from his role, as confirmed by the company in a stock exchange disclosure.
In the announcement, One97 Communications, the parent entity of Paytm, stated, “Paytm Payments Services Limited (PPSL), our wholly owned material subsidiary company, has notified us on January 27, 2025 at 10.50 p.m. (IST) that Nakul Jain, Managing Director and Chief Executive Officer (CEO) of PPSL, has resigned from his position effective at the end of business hours on March 31, 2025, or an earlier mutually agreed date.”
Jain has opted to embark on an entrepreneurial path, prompting this decision, according to the company’s disclosure.
“PPSL is actively engaged in the search for a suitable successor and will reveal the new appointment in due course. Meanwhile, PPSL remains committed to driving its growth and achieving its business goals,” the company stated.
As reported on August 28 of the previous year, PPSL obtained governmental approval for downstream investment from the company into PPSL.
“Following the FDI approval, PPSL has resubmitted its PA application. While awaiting the approval of this application, PPSL continues to deliver payment aggregation services to its current online merchants,” One97 Communications remarked.
In Q3 FY25, Paytm observed significant progress across core financial metrics. The company’s operating revenue surged by 10 percent quarter-on-quarter (QoQ) to Rs 1,828 crore, fueled by its payments operations and expanding financial services distribution portfolio.
The firm reported a PAT enhancement of Rs 208 crore QoQ to Rs (208) crore, while its cash reserves increased by Rs 2,851 crore QoQ to Rs 12,850 crore.
The revenue from the company’s payment services rose to Rs 1,059 crore, while its financial services revenue experienced a remarkable 34 percent QoQ growth, reaching Rs 502 crore.
