Paytm’s Head of Compliance, Srinivas Yanamandra, Resigns
Srinivas Yanamandra, Paytm’s Head of Compliance, has announced his resignation to pursue academic research opportunities. According to a company filing, Yanamandra will continue in his role until February 28, 2025, ensuring a smooth transition during his exit.
Yanamandra’s Journey at Paytm
Yanamandra joined Paytm in April 2022, bringing over a decade of experience in compliance and regulatory roles. During his tenure, he played a significant role in strengthening Paytm’s compliance framework, particularly as the company navigated regulatory challenges.
Professional Background
- New Development Bank (2017–2022):
- Served as Chief of Compliance in Shanghai.
- IDFC FIRST Bank & ICICI Bank:
- Held senior compliance roles, accumulating over 11 years of expertise.
- Academic Credentials:
- A chartered accountant, Yanamandra ranked nationally in both CA and Cost Accountancy examinations, underscoring his academic excellence.
Reasons for Resignation
In a resignation email addressed to Paytm CEO Vijay Shekhar Sharma and other executives, Yanamandra cited his decision to dedicate more time to academic research, a pursuit he had been contemplating for months.
Paytm’s management responded by reaffirming its commitment to compliance excellence, stating that it plans to recruit more professionals under existing compliance teams to maintain and enhance the company’s regulatory framework.
Paytm’s Resilience and Recent Developments
Yanamandra’s exit comes at a time when Paytm is witnessing a strong recovery and strategic growth:
1. Stock Market Recovery:
- Paytm’s stock hit a 52-week high of INR 1,063 on December 17, 2024, a remarkable 204.91% recovery from its low of INR 310 in May 2024.
2. First Profitable Quarter:
- In Q2 FY25, Paytm reported its first consolidated profit of INR 930 Cr, a significant turnaround from the loss of INR 292 Cr in the year-ago period.
3. Strategic Divestitures:
- Sold its movie and events ticketing business to Zomato for INR 2,048 Cr.
- Divested its stock acquisition rights in PayPay Corporation to SoftBank’s Vision Fund 2 for INR 2,364 Cr.
4. UPI Expansion:
- Received approval from NPCI to onboard new UPI users, further expanding its digital payments ecosystem.
Strengthening Compliance Amid Growth
Paytm has undergone organizational restructuring to bolster its compliance systems:
- Established compliance leaders across business entities to ensure adherence to regulatory standards.
- Management reaffirmed its commitment to sustainable growth while maintaining a strong focus on regulatory compliance.
Srinivas Yanamandra’s resignation marks the departure of a key figure in Paytm’s compliance journey. As he shifts his focus to academic pursuits, Paytm remains committed to building a robust compliance framework and sustaining its momentum in recovery and growth. With strategic divestitures, strong financial performance, and an expanding user base, Paytm continues to position itself as a leading player in India’s fintech ecosystem.
