Banking Veteran Nakul Jain Joins As CEO Of Paytm Payments Services

Listed fintech unicorn Paytm’s parent One97 Communications has appointed Nakul Jain as the CEO of Paytm Payments Services Ltd (PPSL). 

According to a Mint report, Praveen Sharma, who is currently acting as the CEO of PPSL, has been moved to lead its commerce vertical of the company along with sharing other responsibilities.

As per Jain’s LinkedIn profile, he is working as the managing director and CEO of PPSL since April this year. Prior to that, he worked as the managing director at Standard Chartered Bank. He holds over 22 years of experience in retail banking and has worked in sub-sectors such as branch banking, wealth management, product and segments, distribution, retail assets and acquisition. 

Inc42 has reached out to Paytm’s founders seeking confirmation on the same and the report will be updated with their responses.

PPSL is an arm that helps Paytm in handling payment gateway and payment aggregator divisions among others.

The latest development comes weeks after Paytm notified SEBI about a slight increase of foreign portfolio investors (FPI) and mutual funds’ stakeholding into the fintech startup. 

In the second quarter of 2022, the count of FPIs investing in Paytm grew to 83 while their stakeholding in the startup soared to 5.45%. Meanwhile, the number of mutual funds investing in the fintech startup increased to 19 and their stakeholding surged to 1.14% in the corresponding period. 

As on today (22nd July), Paytm’s shares dipped by 1.85% closing at INR 743.10 on the BSE.  

This month, Paytm also reported that it disbursed loans close to 8.5 Mn in the second quarter of 2022, which is up by 30% as compared to the previous quarter (Q1 2022).

It further posted that the value of these loans surged by 56% to INR 5,554 Cr in Q2 2022 against INR 3,553 Cr loans disbursed in the first quarter. 

In May, Paytm founder Vijay Shekhar Sharma bought an additional 1.72 Lakh shares of One97 Communications Ltd for INR 11 Cr. With this, he now owns 5.76 Cr aggregate shares of Paytm. 

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