Digital payments and e-commerce marketplace, Paytm has hired former Citigroup executive Madhur Deaora as its chief financial officer and senior vice president.
Deora will also be responsible for building and managing Paytm’s newly formed financial services business.
He comes with over 17 years of experience in investment banking and most recently served in Citi’s investment banking business as managing director. He is known for helping JustDial with its IPO in 2013 and also led the fundraising discussions for Paytm with Alibaba in 2015.
“Madhur has been a long-term friend and partner of Paytm. I am extremely happy to welcome him onboard. His expertise will help us to build our newly formed financial services business into one of the largest from India,” Founder and Chief Executive, Paytm, Vijay Shekhar Sharma said.
Launched in 2014, Paytm is backed by investors such as Alibaba Group, SAIF Partners and Sapphire Venture. In August Mint reported that Paytm was in advance talks to raise $300-350 million largely from MediaTek Inc.
Paytm wallet claims to have over 135 million users, with over 90 million transactions every month.
Sharma was one of the 11 recipients of a payments bank licence and is aggressively strengthening its team ahead of the launch of its payment bank.
In March, the company hired former Reserve Bank of India (RBI) executive Shinjini Kumar as the chief executive of Paytm’s payments bank. It hired RBI deputy general manager Vipin Surelia to head its risk and compliance division in April.
Paytm is in the process of creating a 1,500-people team for its payments bank business over the next six months.