One97 Communications appoints Nakul Jain as the CEO of Paytm Payments Services. Fintech startup Paytm’s parent company, Praveen Sharma, who is now serving as the acting CEO of PPSL, has been promoted to oversee the organization’s commerce vertical in addition to his other duties. Since April of this year, he has served as the managing director and CEO of PPSL. He was the managing director at Standard Chartered Bank before that. His expertise in retail banking spans over 22 years, and he has held positions in a variety of subfields, including branch banking, wealth management, product and segmentation, distribution, retail assets, and acquisition.
The PPSL division, among others, assists Paytm in managing the payment gateway and payment aggregator divisions. The most recent event occurred a few weeks after Paytm informed SEBI of a modest increase in the percentage of foreign portfolio investors (FPIs) and mutual funds holding shares in the fintech startup. The number of FPIs investing in Paytm increased to 83 in the second quarter of 2022, and their investment in the business increased to 5.45%.
Paytm also disclosed this month that it disbursed loans of about 8.5 million in the second quarter of 2022, a 30% increase from the first quarter. In addition, it stated that compared to the loans disbursed in the first quarter, the value of these loans increased by 56% to Rs5,554 Cr in Q2 2022.
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About Paytm
Founded in 2010 by Vijay Shekhar Sharma and Amit Veer, Paytm is a payment gateway. Both customers and retailers can use its payment services. One97 Communications is the owner, and SoftBank, SAIF Partners (formerly Elevation Capital), Alibaba Group, and Ant Financial are among the investors who support it.