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Lendingkart ropes in former Paytm Payments Bank exec as Group CFO

VCCircle

VCCircle · 1y ago

Lendingkart ropes in former Paytm Payments Bank exec as Group CFO

Lendingkart, an Indian lendingtech company, has appointed Mukund Barsagade as its group chief financial officer. Barsagade, who previously served as CFO of Paytm Payments Bank, will lead the finance, capital markets, legal, and secretarial functions at Lendingkart. With over 28 years of experience in the BFSI and IT sectors, Barsagade will play a crucial role in driving the company's growth in the lending tech space for micro, small and medium enterprises in India. Lendingkart provides loans to MSMEs and competes with companies like Aye Finance, Clix Capital, and FlexiLoans.

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Lendingkart Hires Ex-Paytm Executive Mukund Barsagade As CFO

Inc42 · 1y ago

Lendingkart Hires Ex-Paytm Executive Mukund Barsagade As CFO

Fintech startup Lendingkart has appointed Mukund Barsagade as its group chief financial officer. Barsagade, who has 28 years of experience in the BFSI and IT sectors, previously served as the CFO at Paytm Payments Bank, Utkarsh Small Finance Bank, and Fino Payments Bank. In his new role, Barsagade will lead the finance, capital markets, legal, and secretarial functions at Lendingkart, helping shape the company's next phase of growth. Lendingkart turned profitable in FY23 and offers loans to micro, small, and medium enterprises (MSMEs).

Fino payments bank ropes in former Xerox India exec Rajat Kumar Jain as chairman

Inc42 · 1y ago

Fino payments bank ropes in former Xerox India exec Rajat Kumar Jain as chairman

Mumbai-based Fino Payments Bank has appointed Rajat Kumar Jain, former managing director of Xerox India and Walt Disney India, as its part-time chairman. Jain, an alumnus of IIT Delhi and IIM Ahmedabad, brings over three decades of leadership experience across various sectors. Fino Payments Bank is currently focusing on its digital growth plans and targets for the next phase. Jain's appointment comes as the bank aims to evolve into its new digital avatar, Fino 2.0.

Paytm Money appoints Vipul Mewada as CFO

Economic Times

Economic Times · 1y ago

Paytm Money appoints Vipul Mewada as CFO

Paytm Money has appointed Vipul Mewada as the CFO. He previously held the position of deputy CFO at ICICI Securities. The CFO position at Paytm Money had been vacant since April 2023. Mewada's appointment came just before RBI's action against Paytm Payments Bank, which is independent from Paytm Money. Paytm Money focuses on stock markets and mutual fund investments but has been trailing behind its competitors in the stockbroking field.

Ranjan Pai’s Claypond Capital ropes in former Fireside exec

VCCircle

VCCircle · 1y ago

Ranjan Pai’s Claypond Capital ropes in former Fireside exec

Claypond Capital, the family investment office of Ranjan Pai, Chairman of Manipal Group, has appointed a former Fireside Ventures executive as the firm increases its startup investments. The family office was established after Temasek acquired a $2 billion stake in Manipal Group.

Ranjan Pai’s Claypond Capital ropes in former Wipro-GE Healthcare exec

VCCircle

VCCircle · 7m ago

Ranjan Pai’s Claypond Capital ropes in former Wipro-GE Healthcare exec

Claypond Capital, led by Manipal Group Chairman Ranjan Pai, has appointed a former Wipro-GE Healthcare managing director as they focus on investing in the medical devices and technology sector.

Vijay Shekhar Sharma Quits Paytm Payments Bank’s Board

Inc42 · 1y ago

Vijay Shekhar Sharma Quits Paytm Payments Bank’s Board

Paytm founder and CEO, Vijay Shekhar Sharma, has resigned from the board of Paytm Payments Bank as part-time non-executive chairman. Paytm Payments Bank has reconstituted its board and made four new appointments, including former Central Bank of India chairman Srinivasan Sridhar and retired IAS officer Debendranath Sarangi. The company is in the process of appointing a new chairman for the payments bank. Paytm said the new appointments will help enhance governance structures and operational standards.

Nexus Venture-backed AbCoffee ropes in former OYO exec to scale up operations

VCCircle

VCCircle · 8m ago

Nexus Venture-backed AbCoffee ropes in former OYO exec to scale up operations

Former OYO executive, Rohit Tiwari, has joined grab-and-go coffee chain AbCoffee as the new president of operations. With over 15 years of experience in driving offline and online sales growth, Tiwari will focus on the growth and expansion strategy of AbCoffee. Tiwari's experience includes scaling up operational teams at OYO and driving customer acquisition and network expansion at Airtel Payments Bank. AbCoffee has over 70 outlets across several cities in India and recently raised $3.4 million in a Series A funding round led by Nexus Venture Partners.

Paytm parent’s staff costs rise 21% in a challenging year

Economic Times

Economic Times · 10m ago

Paytm parent’s staff costs rise 21% in a challenging year

- One 97 Communications (OCL) saw a 21% increase in overall employee costs to Rs 4,589 crore in FY24. - Executive Director and Group CFO Madhur Deora received a 15% hike in remuneration, taking his salary to Rs 3.6 crore in FY24. - Founder and CEO Vijay Shekhar Sharma maintained his overall remuneration at Rs 4.4 crore in FY24. - Paytm has aimed to reduce overall employee expenses by Rs 400-500 crore in the current fiscal year. - Several senior executives, including the chief business officers, COO, and CEO of Paytm Payments Bank, have exited the company recently. - Paytm is focusing on QR code payments through its sound boxes to drive its business growth.

Vijay Shekhar Sharma resigns from Paytm Payments Bank amid board revamp

Livemint

Livemint · 1y ago

Vijay Shekhar Sharma resigns from Paytm Payments Bank amid board revamp

Vijay Shekhar Sharma, the founder of Paytm, has stepped down as the non-executive chairman of Paytm Payments Bank in response to regulatory restrictions. Paytm Payments Bank was barred by the Reserve Bank of India from accepting customer deposits due to non-compliance with regulations. Sharma's resignation aims to facilitate a smooth transition for the bank. Paytm has made additional changes to its board, appointing new independent directors and withdrawing its nominee. The company has also formed a group advisory committee to address regulatory concerns.

Paytm shares rally 4% on cutting dependency on payments bank

Economic Times

Economic Times · 1y ago

Paytm shares rally 4% on cutting dependency on payments bank

Shares of One 97 Communications, the parent company of Paytm, surged by 4% after the company announced the discontinuation of various inter-company agreements between Paytm and Paytm Payments Bank. Paytm stated that this move was made to strengthen the independent operations of the payments bank. The shareholders of Paytm Payments Bank have also agreed to simplify the Shareholders Agreement to support the bank's governance, separate from its shareholders. SoftBank Group, a major investor in Paytm, has recently sold a 2.2% stake in the company due to growing uncertainty in India's regulatory environment.

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