Vikas Purohit, senior vice-president at India’s largest mobile wallet service, Paytm, has quit to start his own start-up.
Purohit was looking after the business correspondent network for Paytm’s upcoming payment banks for which the country’s biggest mobile wallet company received Reserve Bank of India licence, allowing it to open bank accounts and accept deposits of up to Rs 1 lakh per consumer, issue debit cards and provide net banking services.
The start-up which would be based out of Delhi-NCR region will see Paytm’s founder Vijay Shekhar Sharma act as a mentor to the new company.
He had joined Paytm in December 2015, prior to which he’d handled the fashion and lifestyle business at Amazon India. He has also done stints with the Tommy Hilfiger and Reliance brands.
Purohit, however, is not alone in having left to start a new venture. In May, Anand Chandrasekaran, chief product officer at online marketplace giant Snapdeal, quit the company less than a year of joining it. Chandrasekaran was technically the third in command at the online marketplace.
According to sources, Chandrasekaran might start a new venture and is on the verge of setting up a team to do that. Online marketplace giant Flipkart has also in the past few months had a number of high-powered exits — Myntra cofounder Mukesh Bansal, chief product officer Punit Soni and chief business officer Ankit Nagori.