Shakeup at Paytm Payments: CEO Nakul Jain Resigns to Chase Entrepreneurial Dream

Nakul Jain, the CEO of Paytm Payments Services Ltd, has resigned to pursue new entrepreneurial ventures. PPSL is in search of a replacement while continuing its operations and awaiting regulatory approvals. Meanwhile, One97 Communications reported narrowing losses but faced misleading reports regarding a cryptocurrency-related ED probe.

Nakul Jain, the CEO of Paytm Payments Services Ltd (PPSL), has stepped down to embark on a new entrepreneurial journey. In light of his resignation, the company is actively seeking a suitable replacement to ensure a smooth transition. Till then, PPSL remains committed to its growth strategy.

PPSL's recent financial developments include receiving governmental approvals for downstream investments and resubmission of its payment aggregator application. The company continues its compliance-driven approach while maintaining its payment aggregation services for current merchants even as it awaits further regulatory clearance.

One97 Communications, Paytm's parent company, reported a reduced loss for the December 2024 quarter, thanks to cost-cutting measures. The company addressed and dismissed media claims regarding an ED probe into a cryptocurrency scam, clarifying that such investigations involve independent merchants, not Paytm or its subsidiaries.

(With inputs from agencies.)