Paytm Sees Another Top-Level Exit, CMO Sumit Mathur Quits

SUMMARY

As the CMO of the fintech major, Mathur helmed the marketing strategy and user growth across Paytm's B2C and B2B businesses

Mathur has now joined sports nutrition company Glanbia Performance Nutrition as its country head- India and South Asia

This comes days after One 97 Communications’ senior vice president of business, Praveen Sharma, resigned nearly after over four years

After serving as the chief marketing officer (CMO) at Paytm’s parent entity One 97 Communications for the past more than a year, Sumit Mathur has joined sports nutrition company Glanbia Performance Nutrition as its country head- India and South Asia.

Mathur announced the development on LinkedIn.

“My bags are packed and I’m ready to go. Passion for Food & Fitness, Rapidly Growing Sports Nutrition category and people & culture focused on well being!! Feeling energised as I take on the opportunity of leading India & South Asia for Glanbia Performance Nutrition in my role as the country head.” the post read.

Inc42 has reached out to Paytm for a comment on Mathur’s exit. The story will be updated based on the response.

Glanbia Performance Nutrition is the parent entity of popular supplement brand Optimum Nutrition. Founded in 1985, the US-based company also counts General Mills, The Kraft Heinz Company and Campbell Soup Company in its list of subsidiaries.

During his stint at Paytm Group, Mathur was responsible for building and scaling the company’s equity, user growth across B2B and B2C businesses.

Prior to joining One 97 Communications in March last year, Mathur was with Kellogg Company for over five-and-a-half years. He joined it as director marketing (CMO) – India in September 2017 and was later promoted to the role of senior director marketing in April 2022.

From May 2003 to September 2017, he served across various roles ranging from area sales manager, international assignments, senior brand manager, marketing manager- corporate audit (Asia Amet), marketing manager- tea (South Asia), category director- ice creams (South Asia) and GM- ice cream (India) at Hindustan Unilever.

This comes days after One 97 Communications’ senior vice president of business, Praveen Sharma, resigned after a four-year stint.

Sharma, in his resignation letter, said he intends to pursue “other opportunities” after his exit from the company.

Earlier in February, the fintech major also confirmed independent directors Manju Agarwal and Shinjini Kumar departing from its board.

Besides the top-level exits, the company may sack more staff. In March, it was reported that One 97 Communications will likely trim more workforce across departments as part of its annual performance review. The company had laid off hundreds of employees, citing the increasing usage of artificial intelligence-led automation back in December 2023.

Meanwhile, the fintech giant is facing challenges stemming from RBI’s actions on the Paytm Payments Bank (PPBL).

The RBI clamped down on Paytm Payments Bank on January 31 barring it from taking any deposits or credit transactions or top-ups in any of its customer accounts. It also prohibited the payments bank from offering any other banking services, such as UPI facility and fund transfers post March 15.

Subsequently, it secured a third-party application provider (TPAP) licence from the National Payments Corporation of India (NPCI) to continue its digital payments operations.