Paytm Payments Services CEO Nakul Jain Resigns; Here's Why
According to an exchange filing, Jain’s resignation is driven by his desire to pursue an entrepreneurial venture. The departure may occur sooner if mutually agreed upon by both parties.
Paytm Payments Services Limited (PPSL), the payments division of One97 Communications, announced that its Managing Director and CEO, Nakul Jain, will step down from his position at the close of business on March 31, 2025. According to an exchange filing, Jain’s resignation is driven by his desire to pursue an entrepreneurial venture. The departure may occur sooner if mutually agreed upon by both parties.
The company has already begun the process of finding a successor. “PPSL is actively working on identifying a suitable replacement and will make the announcement in due course. In the meantime, the company remains focused on driving growth and achieving its business objectives," said Paytm Payments Services.
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Nakul Jain joined Paytm Payments Services in 2022, bringing with him over 20 years of experience in payments and retail banking, having held leadership roles at Standard Chartered Bank, ICICI Bank, and IndusInd Bank. His resignation comes as PPSL is awaiting the Reserve Bank of India’s (RBI) approval for its payment aggregator license. The RBI had previously rejected the company’s application in November 2022 due to non-compliance with foreign direct investment regulations. After securing government approval for downstream investment in August 2024, the company has reapplied for the license and is awaiting a decision.
This announcement follows One97 Communications’ Q3 FY25 earnings report, which revealed a net loss of Rs 208.3 crore, slightly improved from the Rs 219.8 crore loss reported during the same quarter the previous year. Revenue from operations for the quarter declined by 36% year-on-year to Rs 1,827.8 crore but showed a 10% sequential growth, driven by higher GMV, subscription revenues, and financial services distribution.
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