Paytm has promoted Kiran Vasireddy, as chief operating officer (COO) of its core payments unit, reports Livemint. Prior to this, Vasireddy had been heading Paytm as its Senior Vice President (Business) for over 3 years. The new COO will take care of all product and business related functions of the payments division and also help company’s aim to reach 500 million customers by 2020, Paytm said. Currently Paytm claims to have 200 million customers on its platform.

He had initially joined Paytm’s parent company One97 Communication as Account Director in 2009 and then was promoted as the Business Head for One97 in April 2012. Apart from this, Vasireddy had worked with Comverese and VocalTec prior to joining One97. He holds an MBA from the University of Bedfordshire.

The new appointment comes at a time when Paytm had demerged its e-commerce business into a separate entity. The wallet business was instead moved to the payments bank division in December. At that time, the company said it is planning on launching a new app in the coming months. The newly created e-commerce portal has Paytm Bazaar, an unstructured shopping channel on Paytm, that provides shoppers with a range of domestic and international goods. Apart from this, the company also runs Paytm Mall—an offline-to-online (O2O) commerce portal that catalogues inventories of physical shops to enable discovery of products online.