Paytm elevates its CFO to the newly created role of President
A former investment banker and a Citi group veteran, Madhur Deora will now be responsible for all Paytm's consumer services businesses in a newly created role of President.
Deora has been the company’s Chief Finance Officer, since October 2016. He had led Paytm through its multiple financing rounds along with a slew of acquisitions it has completed. Now as the company strives to expand its scope of business, it need Deora’s expertise for a larger role.
“The next phase of our journey is to expand our offerings in consumer internet and financial services. As we expand our business we are promoting Madhur to the role of president. He has been a key partner in this success,” shared Vijay Shekhar Sharma, Founder and Chief Executive Officer at Paytm.
As per the report, verticals like games, movies, travel, deals and content will be headed by Deora and he will be responsible for managing the growth and financials of these businesses.
Initially, an e-commerce payment system and digital wallet company, Paytm has ventured into many other segments as it grew over the years. Founded in 2010, the firm today is planning to enter the content creation space as well. Reportedly, the company is planning to offer content in the form of news, short videos and live television from September. With this new service, it looks to double its customer base to 250 million.
Besides these services, Paytm is also planning to add more options to make payments to government agencies. The company plans to offer modes for paying municipal taxes, traffic fines, etc. in the near future.
Content will be one of the services, Deora will head and considering the number of customers Paytm is trying to target here, this area out of many other businesses he shall head, will remain a key focus for Deora. Let’s see what strategy he introduces and how he spearheads Paytm towards its next phase of growth. Meanwhile, Paytm is also expected to make a few more appointments at leadership level.
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