Mobile payments and commerce company Paytm has appointed Bhushan Patil as its new president, reports Business Standard. Patil will focus on international expansion for Paytm. Prior to joining Paytm, Patil was a director at Alibaba which pumped an undisclosed amount of money in Paytm in September last year, for over 5.5 years.
He continues to be a business mentor at MentorEdge at CIIE, IIM Ahmedabad since June 2010. Before that, Patil worked at Mailgen, Startup Venture and Zapak Digital for over 3.5 years, and at Yahoo, Vendio, Talisma Corp and Aditi Technologies for about 9 years.
Previous moves at the company:
– In January, Paytm appointed Varun Khullar as head of partnerships for its payments bank. Khullar would lead partnerships and build partners in insurance companies, banks and nonbanking financial institutions. Paytm also appointed Vikas Purohit in a leadership position for its payments bank, and said it planned to hire 3,000 people for the same business.
– In the same month, Amit Lakhotia, VP of payments at One97 Communications’ Paytm has resigned, with plans to start his own company. At Paytm, Lakhotia worked as as the associate VP, before which he worked as the GM of payments and deals for about 2 years.
– In June last year, Paytm made three new additions to its board appointing Ruchi Sanghvi, the first woman engineer at Facebook, WhatsApp global business head Neeraj Arora and InMobi founder Naveen Tewari.
Alibaba tie up: Last month, Paytm and Alibaba entered into a commercial agreement to allow Paytm to deploy Alipay’s technology via AliCloud. The agreement would allow both firms to integrate their existing platforms to work with each other. Paytm would invest about Rs 120 crore for deployment, which will essentially allow Alipay’s global customers from China, Japan, US and the UK buy from Paytm’s merchants and Indian Paytm users to buy from merchants listed on Alipay on a commission basis.
Loan from ICICI Bank: Earlier this month, the company borrowed close to Rs 300 crore from private sector lender ICICI Bank in working capital loans in a treasury management move to secure the credit lines by pledging fixed deposits and cash reserves.
PVR tie up: At the same time, Paytm partnered with PVR, INOX and other unnamed cinema houses to sell movie tickets on its platform. The new initiative would also let users pay for food and other value-added services through their Paytm wallet. Paytm had announced that it would launch movie ticketing in September last year.