Paytm has appointed Madhur Deora as its Chief Financial Officer and Senior Vice President, reports Inc42. Deora will be responsible for building, managing and expanding Paytm’s financial services business.
Prior to Paytm, Deora was the Managing Director at Citigroup for over 17 years, and has banking and management experience. He had also led the fundraising discussions between Paytm and Ant Financial back in 2015. This move by Paytm comes at a time when Paytm is pushing its financial services business.
In July this year, the company said it would be pumping in Rs 350 crore into its payments bank division for developing its technology and build physical branches in rural areas. In June, the company had announced that it has partnered with Infosys to use its Finacle technology for its payments bank. In recent times, Paytm has been aggressively partnering with retail chains and restaurants for offline payments, and recently said that it has more offline merchant transactions than online.
Other acqui-hires: Last month Paytm acqui-hired EduKart, an e-learning marketplace for an undisclosed amount. EduKart’s co-founder Ishan Gupta now works as the VP of business at Paytm. Gupta has worked with Paytm previously (among other companies) for 2 years before he co-founded EduKart. In January this year, Paytm acquired Shifu, a consumer behavior prediction platform for an undisclosed amount. Shifu’s team of 20 along joined Paytm, where they would work on consumer experience.