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Paytm rejigs its top deck, CFO Madhur Deora named President

The Citigroup veteran, who joined the digital payments company in 2016, will now oversee multiple business lines at the Noida-based firm.

, ET Bureau|
Updated: Aug 19, 2019, 09.14 AM IST
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The changes at the top come in the wake of a number of senior executives quitting Paytm and Paytm Mall over the past few months.
BENGALURU: Paytm has elevated its CFO and senior vice-president Madhur Deora as president in a newly created role.

The Citigroup veteran, who joined the digital payments company in 2016, will now oversee multiple business lines at the Noida-based firm. Deora, a former investment banker, will now be responsible for all of Paytm’s consumer services business, the company said.

ON GROWTH PATH
“We have grown over 20 times in the past 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.”

Deora, who had so far been spearheading all dealmaking at the company, had led Paytm through its multiple financing rounds along with a slew of acquisitions it has completed. One97 Communications, the parent of Paytm, has been in talks to raise a new $1-1.5 billion in fresh capital.

JOB CARD
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, said a Paytm spokesperson.

The spokesperson also said that the company is planning to hire a 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, he said.

Sources pointed out that the latest move will make Deora the second in command in the company after Sharma, whom he will continue to report to.

The changes at the top come in the wake of a number of senior executives quitting Paytm and Paytm Mall over the past few months.

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Paytm ropes in ex-Citigroup executive Madhur Deora as CFO

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