Paytm Money, Mutual Fund Investments subsidiary of One97 Communications Ltd which also operates Paytm, has named Varun Sridhar as its new Chief Executive Officer(CEO).
Sridhar’s appointment is announced months after its former Manging Director and CEO Pravin Jadhav put down his papers.
In his new role at Paytm Money, Sridhar will lead the launch and development of equity brokerage services for the firm, and grow existing products around mutual funds, national pension system and gold services, which the company offers.
Sridhar will be reporting to Amit Nayyar, President at Paytm, who joined the company in August last year, to lead Paytm’s financial services business.
“At Paytm Money, I hope to build the most cost-effective, consumer-friendly products and experience for investors and traders. The wealth management and financial service solutions that Paytm is building are transforming the lives of millions of Indians and are relevant globally as well,” said Varun Sridhar, CEO at Paytm Money.
Last week, Paytm’s founder Vijay Shekhar Sharma sated that the firm is planning to launch stock broking services in the next few weeks.
Last year in April, Paytm Money received go ahead from Securities and Exchange Board of India (SEBI) to start stock broking services on its platform.
Prior to this appointment, Sridhar served as CEO of FinShell India, which is a subsidiary of Chinese mobile electronics company, OPPO, where he assisted the launch of realme PaySa, a mobile fintech platform.
Earlier, Sridhar was associated with BNP Paribas for around eight years where he helped in the acquisition of Sharekhan.
“Paytm Money is on a mission to empower millions of Indians with wealth management products. We are very excited to welcome Varun, whose experience in retail banking, broking, and wealth segment would help us accelerate our goals,” said Amit Nayyar, President at Paytm.
Paytm Money has also appointed Amit Kapoor as the new CFO and vice president.