One of India’s leading e-commerce platform Paytm has promoted Madhur Deora from the post of CFO and senior vice president to the President of the company.
Deora had joined the digital payment platform in 2016. He will now look after the multiple business lines in the company. He had been spearheading all the dealmaking of the company so far and had led the company through various financing rounds with a slew of acquisitions it has completed.
The former investment banker, Deora, will now be responsible for all Paytm’s consumer services businesses, the company said in a statement.
“We have grown over 20 times in the last three years by creating a payments-led lifestyle and financial services app in our country,” said Vijay Shekhar Sharma, founder, and chief executive officer at Paytm. “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.”
The Paytm’s spokesperson said that “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. The company is planning to hire a Chief Financial Officer (CFO) in place of Deora within the next few weeks. Further Paytm also has plans to create new roles at the top of the management and the role of a President is one of them.”