New Delhi: Gearing up for the next phase of growth in consumer Internet and financial services, digital payments leading platform Paytm on Monday announced the promotion of its Chief Financial Officer (CFO) Madhur Deora as the company’s President.
As a part of the new role, Deora will now be responsible for the profit and loss of all consumer business verticals like movie tickets, travel deals, trains and flights, shopping, etc. Prior to joining Paytm in October 2016, Deora served as Managing Director in Citigroup’s investment banking business where he worked for over 17 years.
Deora will become the only senior executive at Paytm to hold the designation of President. The position was recently vacated by Bhushan Patil, who switched from Alibaba in 2016, but left the company in April this year.
He will continue to head finance for Paytm although the company is on a lookout for a new candidate for the position of CFO.
“We have grown over 20 times in the last three years by creating a payments-led lifestyle and financial services app in our country,” Vijay Shekhar Sharma, Founder and CEO, Paytm, said in a statement.
“I am excited about our next phase of growth in consumer Internet and financial services,” said Deora.
Paytm recently announced that within a year of the launch of its “Loan EMI, Credit Card Bill, and Insurance premium” payment use-case, it has captured 70 per cent market share among all mobile payment apps for BFSI payments.
The company has been rapidly onboarding partners from the insurance and banking sector to become a single platform for such payments. It has tied-up with more than 30 major insurance companies and more than 45 finance companies.
Paytm is the single largest platform for banks, financial services, and insurance (BFSI) payments. It registered over 50 million transactions within a year of its launch. This has encouraged millions of users to make digital payments instead of submitting cheques or visiting the bank branch.