Paytm Payments Services CEO Nakul Jain Resigns Amid Awaited RBI Approval for Aggregator Licence

Nakul Jain, CEO and Managing Director of Paytm Payments Services Limited (PPSL), has announced his resignation, effective from the close of business on March 31, 2025, or an earlier date as mutually agreed. Parent company One97 Communications disclosed this development in an exchange filing on Monday.

“Mr. Jain has decided to embark on an entrepreneurial journey, prompting his decision to step down,” the filing stated.

Search for a Successor Underway

PPSL is actively seeking a suitable replacement for Jain and will announce the new appointment in due course. Meanwhile, the company remains focused on its growth and business objectives.

Awaiting RBI’s Approval for Payment Aggregator Licence

Jain’s departure coincides with Paytm Payments Services’ ongoing wait for the Reserve Bank of India’s (RBI) approval for a payment aggregator licence. The central bank had initially rejected the application in November 2022 due to non-compliance with FDI norms.

However, in August 2024, the company secured government approval for downstream investment in Paytm Payments, following which it reapplied for the aggregator licence.

Paytm Q3FY25 Earnings Report

On January 20, One97 Communications reported its financial results for the quarter ending December 31, 2024. The company posted a net loss of ₹208.3 crore, a slight improvement from the ₹219.8 crore loss in the same period the previous year.

Paytm’s consolidated revenue from operations declined 36% year-on-year to ₹1,827.8 crore from ₹2,850.5 crore. However, revenue grew 10% sequentially.

“In Q3FY25, we achieved 10% quarter-on-quarter revenue growth, driven by an increase in GMV, healthy subscription revenue growth, and higher earnings from financial services distribution. Net payment margin growth was primarily due to rising subscription revenue, while payment processing margins remained within the guided range,” One97 Communications stated.