The CEO and Managing Director of Paytm Payments Bank, Renu Satti has resigned from her position to lead the new retail initiative for the company.
She will now be the new Chief Operating Officer of ‘New Retail’ which essentially will help consumers discover groceries, pharmacies and shops for instant deliveries.
It was only 15 months back, in May 2017 that Renu had taken over as the CEO of the Paytm Bank. Now as she moves on to a new role the position of the head of the bank lies vacant. This is the second time that the corner office at the newly-licensed payments bank has fallen vacant after its previous CEO designate Shinjini Kumar left before the bank’s formal launch.
However, while Paytm will be looking for a replacement for Renu, the company is enthusiastic about her new role.
"She has been a champion of new business launches and her acumen makes her a perfect candidate for leading this important launch," said Paytm.
Renu Satti has juggled multiple roles at Paytm, from managing human resources to building businesses ground up including marketplace, movie ticketing and most recently Paytm Payments Bank.
Now, in her new role, she would be leading Paytm’s new initiative which involves working with local restaurants, grocery stores and pharmacies for enabling them for local ordering and delivery.
Paytm is also building P2P logistics with a network spread across the country which will be utilized for intra-city deliveries. With this new initiative, local ordering is expected to become one-third of Paytm’s orders and GMV by 2020 as shared by Vijay Shekhar Sharma, Founder of Paytm.