Paytm Money appoints Varun Sridhar
Bengaluru-based Paytm Money, the subsidiary and wealth management unit of One97 Communications Ltd has appointed FinShell India ex-CEO Varun Sridhar as company’s new Chief Executive Officer (CEO).
Paytm Money has a user base of over six million on its platform and team of more than 300 employees.
Sridhar will lead the launch and development of the equity brokerage along with mutual funds, NPS, gold services, and equity brokerage services for the Paytm Money, which the company offers, among other things.
Read also: Paytm Success Story
Paytm Money also announced that Amit Kapoor, former CFO of Aviva India has joined as the Vice President and new CFO of the company.
Varun Sridhar’s appointment comes just months after Pravin Jadhav (former MD and CEO) resigned from the startup because of some management differences at Paytm.
Varun Sridhar was serving as CEO of FinShell India, an Oppo group company which is a part of Chinese mobile electronics company for the last year and a half where he helped launch a mobile fintech platform, realme PaySa.
Sridhar has rich experience in the digital sector over two decades.Sridhar has also worked with Deutsche Bank, BNP Paribas, Citi Bank, and Value Partners. Sridhar helped in the acquisition of Sharekhan.
Varun would report to Amit Nayyar, the president of Paytm to lead Paytm’s financial services business.
Varun Sridhar, CEO at Paytm Money said that at Paytm Money, I hope to build the consumer-friendly, cost-effective products and experience for traders and investors.
The financial service and wealth management solutions that Paytm Money is building are transforming the lives of millions of Indians.
Paytm Money procured approval from Securities and Exchange Board of India (SEBI) to begin stock broking services on its platform, last year in April.
President at Paytm, Amit Nayyar said we are very excited to welcome Varun Sridhar, whose experience in wealth management, retail banking, and broking segment would help us accelerate our goals.
Paytm is looking to invest ₹250 crore to launch new businesses including retail banking, mutual fund, stockbroking , wealth management, and equity brokerage in this financial year.