The former CEO of Clix Capital Bhavesh Gupta has been appointed as the CEO of fintech giant Paytm’s lending business, as reported by ET (1). He will be reporting to Paytm President Amit Nayyar.
Paytm stated that Bhavesh would be working to develop and expand its lending services to strengthen the firm’s vision of financial inclusion for the 500 million people of India.
The company would continue to simplify, innovate, and bring new credit products to all the Indians and SMEs under his leadership by partnering with other NBFCs and banks, as stated in a release.
Aiming for financial inclusion
Nayyar said that Paytm was on a mission to democratize diversified financial services in India and that access to credit for customers and SMEs acted as an important enabler.
Nayyar further welcomed Gupta on-board and believed that working closely with him would help in expanding the company’s lending business further.
Gupta had previously worked with ICICI Bank and IDFC Bank and will be handling and scaling Paytm’s lending projects, including Paytm First Credit Card, and Paytm Postpaid disbursing small-ticket loans to consumers in partnership with licensed lenders.
Gupta’s appointed comes at a time when the Noida-based fintech firm has made some high-level hires amid cutting down of exits from the leadership team.
Varun Shridhar was also appointed as CEO of Paytm Money earlier.
Vijay Shekhar Sharma, the founder & CEO of Paytm, also talked about his ambitions to make Paytm a serious player in India’s lending ecosystem.