The owner of Paytm and Paytm Mall, One97 Communications, has been seeing the departure of old guards at the group companies since last year. Now, Paytm Money has turned out to be the latest subsidiary of the Noida-based firm to experience back-to-back resignations at the high level.
After the resignation of the chief executive officer (CEO) Pravin Jadhav, Paytm Money’s chief technology officer (CTO) and operations head have left the company. As per two media sources, Beejish Pillai and Suresh Vasudevan have put in their papers and are serving their notice periods.
“Both decided to resign parallelly with Jadhav for similar reasons,” informed one of the two sources cited above, requesting anonymity.
Pillai and Vasudevan have been with Paytm Money since January 2019. “They were the first few employees for Paytm Money after Jadhav,” added the above-quoted person. As per their LinkedIn profiles, Pillai and Vasudevan are still with the Bengaluru-based venture.
Paytm Money is a major bet by Vijay Shekhar Sharma after Paytm Mall. The firm recently claimed to have more than Rs 5,000 crore assets under its management.
Three resignations at the top-level certainly is not a piece of good news for Paytm Money and it will have an adverse effect on the firm’s operations for some time. In FY19, the company had spent Rs 37.62 crore to earn Rs 76.26 lakh. On a unit level, the firm lost Rs 49.33 to earn a single rupee during the same time. It’s worth marking that Paytm Money had run only for 5-6 months in the year ending March 2019 as it launched late-2018.