Is Vijay Shekhar Sharma reaching out to former executives to return to Paytm? Here's what company said

Months after being hit by RBI's action, founder and CEO Vijay Shekhar Sharma is reportedly reaching out to former executives as he aims to rebuild the company.

According to a Moneycontrol report, Sharma has called Renu Satti, Kiran Vasireddy, and Nehul Malhotra, among others, and asked them to return to the company.

What did the report say?

“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,” Moneycontrol reported citing company's two senior leaders.

What Paytm said?

Paytm has denied the media reports, stating “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." Notably, Nehul Malhotra also denied the report. 

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.

Since the RBI took stringent action, Paytm has been under pressure. The company has lost its UPI market share and high-margin wallet business.

Additionally, it has experienced a loss of confidence among its lending platform partners, a key source of growth and profitability.