Paytm has hired Bhavesh Gupta, a founding team member and former chief executive officer of Clix Capital, as CEO of the lending business as the SoftBank-backed pioneer in India’s digital payments market continues to make senior hires across verticals.
VCCircle last month reported that Gupta is quitting Clix Capital, earlier known as GE Capital India, to explore opportunities in the financial services and technology segment ahead of the company's proposed merger with Lakshmi Vilas Bank.
Gupta, who will be reporting to Paytm president Amit Nayyar, is expected to bring new credit products for retail and SMEs in partnerships with banks and NBFCs.
He has over two decades of experience. At Clix Capital, he was responsible for building a diversified non-bank lender as the legacy portfolio consisted only of wholesale loans.
Previously, he worked at IDFC Bank for around two and a half years as part of the senior management reporting to MD & CEO.
Prior to that, he served at ICICI Bank for 10 years ending up as general manager and head of business banking.
Paytm continues to build its presence in financial services through multiple senior hires across verticals.
Last month, the wealth management arm of Paytm, appointed two senior executives. Varun Sridhar, former India CEO of Mumbai-based fintech firm FinShell, was onboarded as the chief executive officer. Amit Kapoor was elevated to CFO and vice-president. He has worked with Aviva India as CFO of the life insurance company.
In March this year, Paytm hired former Coverfox CEO Premanshu Singh as senior vice-president and head of its insurance business.
In August last year, Paytm appointed ex-Goldman executive Amit Nayyar as president of financial services business.
In the lending business, Paytm, in partnership with banks and NBFCs, has launched Paytm First Credit Card, Paytm Postpaid, personal loans, and merchant cash loans.
The company is steadily expanding its services from mobile wallets and recharges to a full gamut of financial services, including mutual fund and gold investments, and e-commerce.
It has also made hires and acquired a company to build its insurance portfolio.
Last month, VCCircle reported that Paytm and its founder Vijay Shekhar Sharma will acquire Raheja QBE General Insurance Company Ltd from the Rajan Raheja Group and Australia’s QBE Insurance Group Ltd.
Paytm’s parent, One97 Communications Ltd, raised $1 billion at a valuation of $16 billion last year from investors including Chinese e-commerce giant Alibaba Group’s Alipay, SoftBank Vision Fund and T Rowe Price.
