Paytm has elevated its CFO Madhur Deora to the president in a newly created role.
Vijay Shekhar Sharma’s Paytm has elevated its CFO Madhur Deora to the president in a newly created role and the digital e-commerce platform now eyes a significant chunk in consumer internet and financial services. Paytm has grown 20-fold in the last three years of its operations and the company now has plans chalked out for expansion in the consumer service business, said Paytm founder Vijay Shekhar. “As we expand our business, we are promoting Madhur to the role of President,” Sharma added. Deora joined Paytm after serving as the Managing Director in Citigroup’s investment banking business and will now oversee multiple business lines at Paytm.
Madhur Deora had so far been spearheading the deal-making at Paytm, saw the company through multiple financing rounds and various acquisitions completed at Paytm.
Meanwhile, the digital payments firm is also making investments to ramp up its operations across verticles. The company said that it will invest Rs 750 crore to double its monthly active user base on mobile to 250 million by March 2020, Paytm said last week. The digital commerce company expects its Inbox service to catalyze the growth. Paytm’s Inbox service has about 27 million monthly active users. Paytm expects an addition of 60-70 million new customers to join the platform by the end of the current fiscal year.
“We are already seeing 27 million monthly active users on Paytm Inbox. Now that we are upgrading it to the next level with innovative use of the content, we hope to get around 60 to 70 million new users of the app. Our target is to have 250 million monthly active users this year,” Deepak Abbot, Senior Vice President, Paytm said in a statement.
Paytm, which is backed by global internet giants Alibaba and Softbank, also eyes a share of content, news, short videos, and live television market in the country by September this year. Paytm’s Rs 750 crore investment is also to acquire new customers and onboard new merchants in small cities and towns.