New Delhi: Paytm, India’s leading digital payments and financial services platform, has elevated Madhur Deora to take on the additional responsibility as the CFO of One97 Communications Limited. Currently, Deora holds the role of the company’s Group President and CFO.
In December 2021, the company, in an exchange filing, had talked about Deora’s additional responsibilities, while a recent MCA filing now shows his appointment as the CFO.
Madhur Deora has been associated with the company for five years now. He holds a bachelor’s degree of science in economics from the Wharton School of the University of Pennsylvania.
Paytm has a strong leadership team, led by people who bring years of expertise with them. In it’s recent filing with the exchange, the company said it has promoted 25 colleagues to Senior Vice President and Vice President positions, taking the senior management team count to over 150.
Paytm is further planning to hire over 30 senior leaders for product, technology and business roles, while it doubles down on growth in the credit and lending sector, offline payments leadership, along with other financial services.
Meanwhile, multiple sources have confirmed that Vikas Garg, the company’s CFO is moving on as he wishes to relocate to an international location.
The company in a regulatory disclosure in December, 2021 had already informed the change in Key Managerial Personnel and about Garg’s resignation. When contacted, Paytm declined to comment.
In an exchange filing, where Paytm announced the expansion of its leadership team, the company had said that Renu Satti’s exit was the only voluntary exit in the company and that the management team is greatly augmented by several recent additions in offline payments and financial services.
However, the exits haven’t come as a surprise to many as it is commonplace in many companies which have gone for IPO, especially after the ESOP vesting period, which gives employees the much-needed leverage to start on their own.
This has been seen in IPOs over the years, including in that of Zomato, whose co-founder Gaurav Gupta quit after the company’s market debut.
Employees move on for greener pastures after long tenures & achieving good scale, while many others have become entrepreneurs themselves.
In fact, Paytm is one of the Indian companies which have seen most entrepreneurs being born out of the system. The company is known to support many of them, and encourage them to start up as well.