Paytm Payments CEO Nakul Jain resigns

Paytm Payments Services chief executive officer (CEO) Nakul Jain has stepped down to pursue an entrepreneurial venture, said One 97 Communications, which owns and operates Paytm in an exchange filing on Tuesday.

“PPSL is actively working on identifying a suitable replacement and will announce the new appointment in due course. In the interim, PPSL remains focused on driving its growth and continuing to meet its business objectives,” the Noida-headquartered fintech said in the filings.

Jain’s exit comes at a time when the fintech firm is awaiting the central bank's approval for its payment aggregator (PA) licence. In November 2022, the Reserve Bank of India (RBI) rejected Paytm’s application due to non-compliance with foreign direct investment (FDI) norms.


In August 2024, Paytm received approval from the government for downstream investment into PPSL. After this, the company reapplied for the PA licence.

While the company awaits the regulatory nod, it is offering payment services to its existing merchants only and is barred from onboarding new ones. PPSL competes with the likes of Razorpay, Cashfree and PayU, offering payments to online merchants.

The exit of PPSL’s CEO follows a major churn at Paytm over the last year, as it lost its banking business because of RBI actions. Paytm Payments Bank chief executive Surinder Chawla quit the firm in April 2024. Later in May 2024, Bhavesh Gupta, chief operating officer of Paytm quit his executive role in the firm and became an industry consultant.

Paytm closed its December quarter with an operating revenue of Rs 1,827 crore and a net operating loss of Rs 208.5 crore. Its share price closed on the BSE on Tuesday at Rs 769.3 down 1.4%.