“Sharma’s strategic move to reunite with his former allies comes at a pivotal juncture, especially with murmurs of internal discord within Paytm,” further commented a senior executive, speaking on condition of anonymity.Sharma has reportedly reached out to his closest associates, including Renu Satti, Kiran Vasireddy, and Nehul Malhotra, inviting them to return to the company.
The cinematic camaraderie in the movie “Avengers: Endgame” mirrors the current scenario unfolding within Paytm. Its founder and CEO Vijay Shekhar Sharma is reaching out to his old allies and trusted lieutenants as he looks to revive the firm that has weathered a regulatory upheaval and reported internal discord.
“Talks with Vasireddy and Malhotra, who could be leading the user growth initiative at Paytm, were initiated sometime back. Vijay has been in touch with his close aides and wants to rebuild the whole team as he takes direct charge of each business,” two senior leaders tell Moneycontrol.Meanwhile, Paytm responded saying this is speculative, highlighting their focus on promoting high-performing talent into leadership roles.
They noted that their core payment and credit businesses are led by experienced Chief Operating Officers (COOs) and Chief Business Officers (CBOs), who work directly with Paytm’s CEO and senior management to enhance the next line of leadership.
“We have not reached out to nor are we in discussions with former executives. We have been focusing on strengthening the roles of our next line of leaders internally and ensuring strong succession planning,” a Paytm spokesperson told Moneycontrol.
However, as per the report, Malhotra has denied the move. Paytm, on the other hand, dismissed these speculations, emphasizing their commitment to promoting talented individuals into leadership positions within the company.
As per the report, a Paytm spokesperson said, “We have not reached out to them, nor are we in discussions with former executives. We have been focusing on strengthening the roles of our next line of leaders internally and ensuring strong succession planning.”
The fintech major has lost its UPI market share, high margin wallet business, and also a loss of confidence among its lending platform partners, a key source of growth and profitability. The company’s share price has hit a nadir and several brokerages constantly downgrading the stock over the past three months.
Sharma has been taking control of the various verticals to revive growth, reduce customer attrition and shore up confidence among partners, merchants and customers.
In his attempt to restore the old glory, the leader is also trying to bring back the senior executives who led the initial growth of the company and its monetisation journey.
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