Paytm Payments Services CEO Nakul Jain resigns amid regulatory uncertainty
The departure comes as PPSL navigates regulatory challenges, including the pending approval of its payment aggregator (PA) licence.
Nakul Jain, Managing Director and CEO of Paytm Payments Services Limited (PPSL), has stepped down from his position as he embarks on an entrepreneurial journey.
Jain will step down from his role by March 31, 2025, or an earlier mutually agreed date, the company said in a statement.
The departure comes as PPSL navigates regulatory challenges, including the pending approval of its payment aggregator (PA) licence. While the company received foreign direct investment (FDI) clearance from the Ministry of Finance in August 2024, its PA application remains under review. Meanwhile, PPSL continues to offer payment aggregation services to its existing online merchants.
"PPSL is actively working on identifying a suitable replacement and will announce the new appointment in due course. In the interim, PPSL remains focused on driving its growth and continuing to meet its business objectives," Paytm said in a statement.
Notably, this is the second high-profile departure in the fintech space this week. MobiKwik's Co-founder and CEO of Payments, Chandan Joshi, stepped down from his role, effective January 24, 2025.
Joshi cited personal and family commitments as the reason for his resignation.
One97 Communications, Paytm’s parent company, recently posted a Rs 208.5 crore net loss in the third quarter of FY25, marking a reversal from the profit of Rs 930 crore made in the previous quarter (Q2). However, the net loss decreased from the Rs 221.7 crore loss incurred in the third quarter of FY24.
The fintech company reported a 35.87% year-on-year decline in revenue from operations for the third quarter of FY25, at Rs 1,827.8 crore, from Rs 2,850.5 crore in the same period last year.
Edited by Megha Reddy