Paytm Money, the brokerage arm of One 97 Communications, which owns listed fintech firm Paytm, is set to rope in a new CEO while its current boss will assume a different role within the group, The Economic Times reported.

Sandiip Bharadwaj, formerly the chief operating and digital officer at HDFC Securities, will take the helm at Paytm Money. He left the company a month ago.

During his tenure at HDFC Securities, Bharadwaj spearheaded HDFC Sky, the company's technology-driven discount brokerage division.

Previously, Bharadwaj worked at IIFL Securities and Angel One.

The appointment marks another quick leadership transition for Paytm Money, as current CEO Rakesh Singh had assumed the role just last year.

Singh had replaced Varun Sridhar, who stepped down in June 2024 and subsequently moved to lead Paytm Services.

Launched in 2017, Paytm Money operates in the competitive digital brokerage space alongside established players like Zerodha, Groww, which is headed for an initial public offering (IPO), Dhan, and Angel One.

According to NSE statistics, the platform maintained approximately 724,249 active trading accounts as of June-end.

The company's revenues increased to Rs 195.7 crore in FY24 from Rs 132.8 crore in the previous financial year  and net profit expanded to Rs 71 crore from Rs 42.7 crore during the period.

During recent investor discussions, Paytm founder Vijay Shekhar Sharma indicated that Paytm Money was approaching annualized revenues in the Rs 200-300 crore bracket.