Paytm Payments Services CEO Nakul Jain resigns, firm looking for suitable replacement

Mumbai:  Nakul Jain, the CEO and Managing Director (MD) of Paytm Payments Services Ltd (PPSL), has resigned from his post, the company announced in a stock exchange filing.

In the filing, One97 Communications which is the parent company of Paytm, said that “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 decided to pursue an entrepreneurial journey, which has led him to this decision, according to the company filing.

“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 company added.

As informed on August 28 last year, PPSL received approval from the government for downstream investment from the company into PPSL.

“Post the FDI approval, PPSL has resubmitted its PA application. While it awaits the approval of the application, PPSL continues to provide payment aggregation services to its existing online merchants,” said One97 Communications.

In Q3 FY25, Paytm reported strong growth across key financial metrics. The company’s operating revenue surged by 10 per cent quarter-on-quarter (QoQ) to Rs 1,828 crore, driven by its payments business and expanding financial services distribution portfolio.

The company reported a PAT improvement 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 company’s payment services revenue grew to Rs 1,059 crore, while its financial services revenue saw an impressive 34 per cent QoQ increase, reaching Rs 502 crore.

–IANS