Singh, who was the CEO of broking services at PayU-backed Fisdom, is learnt to have joined Paytm Money last month, one of the persons said, adding that Sridhar has been moved to a different role within the group.
Under Sridhar, Paytm Money, which competes with the likes of Zerodha, Groww, Upstox and Angel One, became profitable. The wealthtech platform closed FY23 with a net profit of Rs 42.8 crore on revenue of Rs 132.8 crore.
Paytm did not respond to queries at the time of publishing.
The stock and mutual fund broking arm of Paytm has seen another senior appointment recently. In February, ET reported that Paytm Money appointed Vipul Mewada as its chief financial officer. Mewada was earlier deputy CFO at ICICI Securities.
The digital wealth management segment has seen a churn in the top decks in recent months. ET reported on January 15 that at least four top executives of Kotak Cherry, the digital wealth management app run by Kotak Mahindra Bank, including its chief executive Srikanth Subramanian, are expected to join rival broking firm Angel One.
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Bengaluru-based Paytm Money focuses on stock markets and mutual fund investments, and is a major player in the direct mutual funds space, where schemes are offered without the involvement of a third party distributor. However, Paytm Money has lagged its rivals in the stockbroking sweepstakes. According to data from the National Stock Exchange, Paytm Money’s active trading client base is around 760,000. The number of systematic investment plans (SIPs) run through the platform is around 860,000. Its biggest rival Groww has nearly 7.6 million clients, while Zerodha’s user base is 6.7 million customers.
