Paytm VP Amit Lakhotia quits

Amit Lakhotia, vice president of payments at One97 Communications Ltd, which runs mobile wallet and e-commerce venture Paytm, has resigned from the company.

Lakhotia told Techcircle.in that while he is yet to firm up his plans his priority will be to start his own company.

Prior to joining Paytm in August 2012, Lakhotia had co-founded intercity cab service startup GetMeCab. Lakhotia is an IIM-Ahmedabad alumnus and had started his career with MakeMyTrip.com.

Lakhotia had been heading the payments business at Paytm.

"It has been a three-and-a-half-year-long run at Paytm, where I helped the company build the wallet business. I wanted to take a break and am going to pursue other interests and passions for some time," Lakhotia told The Economic Times which first reported the development.

In August 2015, Reserve Bank of India (RBI) had given an in-principle approval to 11 entities including Paytm to set up payments banks. Last month, Paytm appointed Vikas Purohit as vice president for its upcoming payments bank business.

At that time, Paytm had said it is in the process of recruiting 3,000 people and has also got on board consultancies EY (formerly Ernst & Young) and McKinsey to help it in the payments bank rollout.