Nakul Jain, Managing Director and CEO of Paytm Payments Services Ltd (PPSL) has resigned from the company and has decided to pursue an entrepreneurial journey, according to a statutory filing by One 97 Communications.
PPSL is actively working on identifying a suitable replacement and will announce the new appointment in due course, the filing said adding that in the interim, the company remains focused on driving growth and continuing to meet its business objectives.
"We wish to inform you that Paytm Payments Services Ltd (PPSL) our wholly-owned material subsidiary company has informed us..That Nakul Jain, Managing Director and Chief Executive Officer (CEO) of PPSL, has resigned from his position w.E.F. Close of business hours on March 31, 2025, or an earlier mutually agreed date," it said.
Jain has decided to pursue an entrepreneurial journey, which has prompted the decision.
"As informed on August 28, 2024, PPSL received approval from the Government of India, Ministry of Finance, Department of Financial Services, via its letter dated August 27, 2024, for downstream investment from the Company into PPSL," the filing said.
Post the FDI approval, PPSL has resubmitted its payment aggregator (PA) application.
"While it awaits the approval of the application, PPSL continues to provide payment aggregation services to its existing online merchants. We remain committed to a compliance-first approach and upholding the highest regulatory standards," it informed.
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