Digital payments major Paytm has appointed Bhavesh Gupta as the chief executive officer of its lending business, the Noida- headquartered company said on August 6.
In his new role, Bhavesh will develop and expand Paytm’s lending services and help the company create new credit products for customers and SMEs in partnerships with other banks and NBFCs.
Gupta will be reporting to Amit Nayyar, President at Paytm.
Gupta joins Paytm from Clix Capital where he was the chief executive officer. Paytm has a partnership with Clix Capital for its post-paid business.
He will be driving lending services on the platform and financial inclusion for 500 million Indians who have smartphones. Gupta will be working to simplify and innovate credit products to retail borrowers and small businesses in partnership with non-banking finance companies (NBFCs), Paytm said.
Paytm is also in the process of acquiring a general insurance company to foray into the insurance business. Recently, it was in the news for test-starting stock broking on Paytm Money.
A veteran banker, Gupta spent more than a decade with ICICI Bank and then with IDFC First Bank before joining Clix Capital.
Over the last few months, Paytm has seen a churn at the top. It has replaced multiple executives in senior vice president roles and brought in fresh faces, indicating its diversification drive.
The company got Premanshu Singh from online startup Coverfox as its top executive for the insurance business. It recently hired Varun Sridhar as the chief executive for its wealth management business and now Gupta joins to head its lending operations. All these executives report to Nayyar.