One97 Communications Limited (OCL), which owns the Indian fintech firm Paytm, announced its plans to elevate Bhavesh Gupta as the company’s Chief Operating Officer (COO) and President.

In an exchange filing, the company said that Gupta would lead lending, insurance, payments (online and offline) and consumer payments verticals. Additionally, he will drive Paytm's key initiatives, including user growth, operations risk, fraud risk and compliance.

The Vijay Shekhar Sharma-led company has claimed that Gupta, a financial service professional, has over 25 years of professional experience in building businesses grounded in payments, technology and analytics platforms, retail loans, digital lending, SME banking, retail banking,etc. 

A graduate of Delhi University who completed his MBA from Indore's Institute of Management Studies, Indore, Gupta held multiple leadership roles prior to Paytm. This included CEO of Clix Capital (formerly known as GE Capital), Head of SME and Business Banking at IDFC Bank and being associated with ICICI Bank in various capacities. .

Paytm has finally posted profitability in two subsequent quarters; in FY23, its revenues grew by 61 per cent YoY to Rs 7,990 crore. In Q4 FY 2023, it reported a 51 per cent jump in revenue from operations at Rs 2,334 crore while its operating profit was Rs 234 crore, including the full-year UPI incentive recorded during the quarter.