Rakesh Singh has been appointed as the new CEO of Paytm Money, the wealth management platform of One 97 Communications Ltd. He has replaced Varun Sridhar, as per the people familiar with the matter.
Singh, who joined the platform last month, had earlier held the role of CEO of broking services at Fisdom, a company which has been backed by PayU.
Sridhar, who has been the chief executive officer since 2020 has been assigned to new role, as per a report in ET.
Under Sridhar’s leadership, Paytm Money, which is facing competition from platforms such as Zerodha, Upstox, and Groww, achieved profitability. The wealthtech platform reported a net profit of Rs 42.4 crore, while generating revenue of Rs 132.8 crore for the fiscal year 2023.
In addition to Singh, the tech firm has also hired Vipul Mewada as its chief financial officer in February. Vipul previously held the position of deputy CFO at ICICI Securities.
Paytm Money, which is based in Bengaluru, concentrates on stock markets and mutual fund investments, and is a significant player in the direct mutual finds space, offering schemes without the involvement of third party distributors.
