India’s Paytm Elevates CFO, Senior VP Deora As President

India’s Paytm has appointed Madhur Deora as president, elevating him from his previous role as chief financial officer and senior vice president, the company said on Monday.

Citigroup veteran Deora, who joined the e-commerce payment system and digital wallet company in 2016, will oversee multiple business lines at the company.

Deora, a former investment banker, has been instrumental in leading the payments firm through multiple financing rounds and acquisitions.

“We have grown over 20 times in the last three years by creating a payments-led lifestyle and financial services app in our country,” Vijay Shekhar Sharma, founder and chief executive officer at Paytm said in a statement.

“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.”

He will now be responsible for all of Paytm’s consumer services businesses. He will head verticals like games, movies, travel, deals and content and will be responsible for managing the growth and financials of these businesses, the Economic Times reported.

The company is looking to hire a CFO to take Deora’s place within the next few weeks. Paytm also has plans to create more new roles at the top management level, the report added.―IBS Intelligence