Paytm, India’s most prominent online payment service provider appointed ex-chief of Alibaba Group Holding wholesale business, Bhushan Patil as the company’s new Vice-P\resident, the company announced on Friday.
The move comes as Paytm is looking to ramp up growth and work more closely with the Chinese e-commerce giant. At Paytm, Patil will help expand operations to other countries, a job that closely mirrors what he did at Alibaba.
Like Alibaba’s Alipay, Paytm uses its online payment service to help direct traffic to its other businesses. Paytm’s mobile app can be used to pay for Uber rides and electricity bills, as well as Apple Inc. iPhones.
Paytm’s business is growing increasingly in India as it is aiming to sell $2 billion worth of products in 2016. The firm is looking to double its e-commerce growth rate by the end of 2016. By the end of the next financial year, Paytm is also expecting to increase its seller base to 500,000 from the current 100,000.
This year, in a revolutionary move, Paytm has decided to give 100 per cent hike to the top performers. There are around 200 employees across the company who will be rewarded for their noteworthy performances.
The company also has plans to encourage sellers on Alibaba to list on Paytm. Alibaba is looking to expand its own presence in India, something Paytm hopes to facilitate.