Senior management at Paytm and Paytm Mall have been seeing a shift since the past eight months. When a significant number of people in top management left the firm, several departments were restructured, and new roles were created.
CXO level members of the family, Bhushan Patil, Amit Sinha and Kiran Vasireddy handed in their resignations, Rudra Dalmia was elevated to the position of Executive Director of Paytm Mall, the two unicorns’ operations were separated, and Nearbuy was fully incorporated.
Now the company has created several new top positions, company President being one of them. Madhur Deora, who had been serving as the company CFO and Senior Vice President since 2016, is now being given the new position of the President, which makes him second in command after Vijay Shekhar Sharma, the Founder and CEO of One 97.
Where earlier Deora was responsible for the acquisition deals and fundings of Paytm, now he will be leading several businesses in the consumer services segment to oversee their growth and financials. Movies, games, deals, content, and travel are some of the verticals that will be under his purview.
For clarification, even though the President position already existed in the firm, from where Bhushan Patil had resigned in May this year, the roles and responsibilities attached to this designation have changed with the new appointment.
For the CFO position that will be vacant with this development, Paytm is looking for a replacement within the next few weeks as the firm seeks to raise a new round worth $1-1.5 billion.
Anyhow, all these steps are being taken to get the company back on track of growth it visualised for itself before the competitors like PhonePe and Google Pay started gaining on the firm and Paytm Mall’s original business plan didn’t work out for the application.
The next phase for Paytm, as Sharma tells ET, will be expanding their financial services and consumer internet offerings, especially with the doubling down of operations on Paytm Money.
Meanwhile, the firm recently shifted Paytm Postpaid loan book to Clix Capital and rejigged business model at Paytm Mall, all showing how Paytm is trying to make cuts and changes that align the operations of the firm with the desired growth trajectory.