Paytm promotes Madhur Deora as president to lead consumer biz

Digital payments unicorn Paytm has promoted its chief financial officer and senior vice president Madhur Deora as president, it said in a statement.

Prior to joining Paytm in October 2016, he served as managing director in Citigroup’s investment banking business.

Deora will now be responsible for all Paytm's consumer services businesses, the statement added.

“It has been an unbelievable journey at Paytm and I am excited about our next phase of growth in consumer internet and financial services. I look forward to working with Vijay and the management team to help build our organization for the future,” said Deora.

"We have grown over 20x in the last 3 years by creating a payments-led lifestyle and financial services app in our country. 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. Madhur has been a key partner in this success," said Vijay Shekhar Sharma, founder & CEO, Paytm. 

Paytm has allocated Rs 750 crore to bolster efforts of roping in new customers and onboarding merchants in small towns and cities.

Owned by One97 Communications, Paytm was launched in 2010 by Delhi College of Engineering alumnus Vijay Shekhar Sharma. The company has received funding from Alibaba Group's Ant Financial Services, Warren Buffet-led Berkshire Hathaway and Japanese conglomerate SoftBank.