Paytm Payments Services, a wholly-owned subsidiary of Paytm, has announced the resignation of Nakul Jain, the Managing Director and CEO.

Jain, who joined Paytm in April 2022, previously served as the Managing Director for Private Banking, Priority Banking, Deposits, and Branch Banking at Standard Chartered Bank in India. He has stepped down from his role at Paytm to pursue an entrepreneurial venture.

In a filing with the stock exchange, Paytm stated that it is actively looking for a replacement for Jain and remains focused on achieving its growth and business goals. The company also confirmed that it has received approval from the Government of India for downstream investment and continues to offer payment aggregation services to online merchants.

Paytm has gone through significant leadership changes in the past year. Surinder Chawla resigned as MD and CEO of Paytm Payments Bank on April 8, and Vijay Shekhar Sharma stepped down as part-time Non-Executive Chairman and Board Member. In October, Sidharth Shakdher joined as Business Head after leaving his role as CBO at Ola Mobility.

Paytm also released its financial results for Q3 FY25, reporting a revenue of 1,828 crore and a net loss of 208 crore for the quarter.

One97 Communications, Paytm's parent company, reported a net loss of 208.5 crore for Q3 FY25, marking a reversal from the 930 crore profit in Q2. However, this was an improvement from the 221.7 crore loss reported in Q3 FY24.

The company saw a 35.87% year-on-year decline in revenue from operations for Q3 FY25, totaling 1,827.8 crore compared to 2,850.5 crore in the same period last year.

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