Paytm Money: Paytm Money appoints Vipul Mewada as CFO
Paytm Money, the stock and mutual fund broking arm of fintech Paytm, has appointed Vipul Mewada as CFO, people briefed on the development told ET.
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Mewada, who joined the company in the last week of January, was earlier the deputy CFO at ICICI Securities.
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| Offering College | Course | Website |
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The position of the finance chief at Paytm Money had been vacant since April 2023, when Amit Kapoor left the firm after a nearly three-year stint.
Kapoor, who was earlier the CFO of Paytm General Insurance, was appointed as the finance head of Paytm Money in July 2020, when Varun Sridhar was named CEO of the wealth management platform.
Mewada joined the company just days before the RBI’s action against Paytm Payments Bank. Responding to a query, Paytm Money confirmed Mewada’s appointment.
ET reported on February 8 that the Central Depository Services India (CDSL), India’s largest securities depository, was conducting an inspection of the customer verification process followed by Paytm Money. This was triggered by the Reserve Bank of India’s January 31 directive ordering Paytm Payments Bank to stop banking services from the end of this month.
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The RBI order, however, does not have any direct impact on Paytm Money, which operates independently from the payments bank.Paytm Money focuses on stock markets and mutual fund (MF) investments, and is a major player in the direct mutual funds segment.
However, the platform has been sluggish in the stockbroking field. According to data sourced from the National Stock Exchange, Paytm Money’s active trading client base is 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 has 6.7 million customers.
Tracxn data showed that the wealthtech platform closed the fiscal year ended March 2023 with a net profit of Rs 42.8 crore on a revenue of Rs 132.8 crore.
The digital wealth management space 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.
Paytm Money, the stock and mutual fund broking arm of fintech Paytm, has appointed Vipul Mewada as CFO, people briefed on the development told ET.
![]()
Mewada, who joined the company in the last week of January, was earlier the deputy CFO at ICICI Securities.
Elevate Your Tech Prowess with High-Value Skill Courses
| Offering College | Course | Website |
|---|---|---|
| Indian School of Business | ISB Product Management | Visit |
| Indian School of Business | ISB Professional Certificate in Product Management | Visit |
| IIM Lucknow | IIML Executive Programme in FinTech, Banking & Applied Risk Management | Visit |
The position of the finance chief at Paytm Money had been vacant since April 2023, when Amit Kapoor left the firm after a nearly three-year stint.
Kapoor, who was earlier the CFO of Paytm General Insurance, was appointed as the finance head of Paytm Money in July 2020, when Varun Sridhar was named CEO of the wealth management platform.
Mewada joined the company just days before the RBI’s action against Paytm Payments Bank. Responding to a query, Paytm Money confirmed Mewada’s appointment.
ET reported on February 8 that the Central Depository Services India (CDSL), India’s largest securities depository, was conducting an inspection of the customer verification process followed by Paytm Money. This was triggered by the Reserve Bank of India’s January 31 directive ordering Paytm Payments Bank to stop banking services from the end of this month.
Discover the stories of your interest
The RBI order, however, does not have any direct impact on Paytm Money, which operates independently from the payments bank.Paytm Money focuses on stock markets and mutual fund (MF) investments, and is a major player in the direct mutual funds segment.
However, the platform has been sluggish in the stockbroking field. According to data sourced from the National Stock Exchange, Paytm Money’s active trading client base is 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 has 6.7 million customers.
Tracxn data showed that the wealthtech platform closed the fiscal year ended March 2023 with a net profit of Rs 42.8 crore on a revenue of Rs 132.8 crore.
The digital wealth management space 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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