Singh, who was the CEO of broking providers at PayU-backed Fisdom, is learnt to have joined Paytm Cash final month, one of many individuals stated, including that Sridhar has been moved to a special function inside the group.
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Underneath Sridhar, Paytm Cash, which competes with the likes of Zerodha, Groww, Upstox and Angel One, grew to become worthwhile. The wealthtech platform closed FY23 with a web revenue of Rs 42.8 crore on income of Rs 132.8 crore.
Paytm didn’t reply to queries on the time of publishing.
The inventory and mutual fund broking arm of Paytm has seen one other senior appointment just lately. In February, ET reported that Paytm Cash appointed Vipul Mewada as its chief monetary officer. Mewada was earlier deputy CFO at ICICI Securities.
The digital wealth administration section has seen a churn within the high decks in current months. ET reported on January 15 that no less than 4 high executives of Kotak Cherry, the digital wealth administration app run by Kotak Mahindra Financial institution, together with its chief govt Srikanth Subramanian, are anticipated to affix rival broking agency Angel One.
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Bengaluru-based Paytm Cash focuses on inventory markets and mutual fund investments, and is a serious participant within the direct mutual funds area, the place schemes are provided with out the involvement of a 3rd social gathering distributor. Nonetheless, Paytm Cash has lagged its rivals within the stockbroking sweepstakes. In response to information from the Nationwide Inventory Change, Paytm Cash’s lively buying and selling shopper base is round 760,000. The variety of systematic funding plans (SIPs) run by the platform is round 860,000. Its greatest rival Groww has practically 7.6 million purchasers, whereas Zerodha’s person base is 6.7 million clients.
