Nakul Jain, CEO and Managing Director (MD) of Paytm Payments Services Ltd (PPSL), has resigned, the business said in a stock exchange filing.
In its regulatory filing, One97 Communications, the parent company of Paytm, stated: “Paytm Payments Services Limited (PPSL), our wholly owned material subsidiary company, has informed 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 w.e.f. close of business hours on March 31, 2025 or an earlier mutually agreed date.”
Jain has opted to embark on an entrepreneurial path, which has led him to this conclusion, according to the company filing.
“PPSL is actively working to find a suitable replacement and will announce the new appointment in due course. In the meanwhile, PPSL is focused on driving development and meeting its business objectives,” the company stated.
As previously announced on August 28, last year, PPSL acquired government permission for the company’s downstream investment in PPSL.
“Following FDI approval, PPSL resubmitted its PA application. PPSL continues to provide payment aggregation services to its existing online merchants while the application is being reviewed, according to One97 Communications.
Paytm achieved substantial growth in key financial parameters during the third quarter of fiscal year 25. The company’s operational revenue increased by 10% quarter on quarter (QoQ) to Rs 1,828 crore, boosted by its payments division and expanding financial services distribution portfolio.
The company recorded a PAT improvement of Rs 208 crore QoQ to Rs (208) crore, while cash reserves improved by Rs 2,851 crore QoQ to Rs 12,850 crore.
The company’s payment services revenue increased to Rs 1,059 crore, while its financial services revenue increased by 34% quarter on quarter, to Rs 502 crore.
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