Digital payments major Paytm on Monday announced that Chief Financial Officer and Senior Vice President Madhur Deora will assume the new role of President to keep up with the growth of the company.
The One97 Communications-owned payments platform is eyeing further growth in financial services and consumer internet, and Madhur, who will now take charge of multiple business lines, will primarily look after those related to consumer services.
Madhur expressed his excitement to drive growth in the upcoming phase, and that he looks forward to working with Vijay and the management team.
With over two decades of professional experience under his belt, he was earlier the Managing Director at Citigroup, before he joined Paytm in October 2016.
Vijay Shekhar Sharma, Founder and CEO, Paytm, said,
"We have grown over 20 times in the last three years by creating a payments-led lifestyle and financial services app in our country. The next phase of our journey is to expand our offerings in consumer internet and financial services."
Last week, the company stated that it is targeting to reach 250 million monthly active users and achieve over three billion sessions of users logging onto the application for payments and money transfers (P2P) this fiscal year.
Looking to bring on board new customers and merchants from small towns and cities, the company said it is allocating Rs 750 crore this financial year.
In August, Paytm launched bulk payments facility for its merchants, making it possible for large and small businesses to send money instantly to over as many accounts of various banks at one go. This is aimed at simplifying and digitising payments for both B2B and B2C players who make bulk payments on a regular basis to its vendors, employees, customers, and partners.
In April 2019, the company also launched a recurring payment feature for merchants using Paytm’s payment gateway, allowing them to receive payments through different channels including email, SMS, and chat.
(Edited by Megha Reddy)