Wednesday, June 19, 2024
HomeBusinessVijay Shekhar Sharma's rebuild team plan: Wants ex-Paytm executives to come back

Vijay Shekhar Sharma’s rebuild team plan: Wants ex-Paytm executives to come back

Paytm founder and CEO Vijay Shekhar Sharma is reportedly reaching out to former executives of the company as he aims to revive the embattled firm. He has called Renu Satti, Kiran Vasireddy, and Nehul Malhotra among others, and asked them to return to the firm, Moneycontrol reported citing people in the know who said, “Talks with Vasireddy and Malhotra, who could be leading the user growth initiative at Paytm, were initiated sometime back. Vijay has been in touch with his close aides and wants to rebuild the whole team as he takes direct charge of each business.”

Vijay Shekhar Sharma, founder and chairman of One97 Communications Ltd., operator of Paytm, attends the Japan Fintech Festival in Tokyo, Japan.(Bloomberg)

Paytm said that this is speculative and the company is focussing more on promoting high-performing talent into leadership roles. The company’s spokesperson said as per the report, “We have not reached out to nor are we in discussions with former executives. We have been focusing on strengthening the roles of our next line of leaders internally and ensuring strong succession planning.”

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Paytm has lost its UPI market share and the company’s share price dropped in the past three months after the Reserve Bank of India (RBI) restricted Paytm Payments Bank Limited (PPBL) to halt several services.

The report also claimed that Vijay Shekhar Sharma has been taking control of the various verticals to push growth, reduce customer attrition and increase confidence among partners, merchants and customers.

“Sharma’s strategic move to reunite with his former allies comes at a pivotal juncture, especially with murmurs of internal discord within Paytm,” an unnamed senior executive said as per the report.

The report also claimed that Vijay Shekhar Sharma has met IndusInd Bank’s Sai Giridhar to discuss a potential partnership however the outcome of the discussion remains uncertain.

“The team has been on a lookout for a senior experienced banker. It’s still nascent but something may come out soon,” the report claimed citing sources.

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