Turning its focus on monetisation opportunities and in a bid to expand further, Paytm, India’s largest digital wallet platform, has taken onboard several senior leaders over the past few weeks.
According to a media report, the newly hired top-level employees have switched from top companies such as Google and Goldman Sachs.
The company Paytm is building advertising and cloud offerings for Indian businesses and the plan to bring in more senior officials is expected to help in the expansion of these verticals for the next 12 months to 18 months.
Vijay Shekhar Sharma, the founder of the company, said that the focus was more on providing financial services not only via its payments bank but also through lending, insurance, and wealth management.
“We will be adding more revenue line items that require vertical experts. That is why we are adding more of them. The theme that we are augmenting now is led by financial services. So what we are doing is we are creating president structures. These roles are now clearly defined,” he added.
Based out of Noida, Paytm was founded in 2010 by Vijay Shekhar Sharma with an aim to bring an ease in the digital payments ecosystem across India.
Recently, Madhur Deora, ex-chief financial officer (CFO) was promoted to the post of president and Vikas Garg who worked as senior vice-president (finance) became the deputy CFO of the company.
Meanwhile, former Goldman Sachs executive Amit Nayyar has been appointed the president. His responsibility for the company will rest in strengthening Paytm’s footprint in lending, insurance, wealth management, and broking businesses.
In the growing line of Paytm, othe emerging startups under the similar roof include Fircent, LenDenClub, IndiaMoneyMart, Monexo, LoanBaba, CapZest, and i2iFunding.