Renu Satti quits as Paytm Payments Bank CEO, to head firm’s new retail initiative1 min read . Updated: 28 Jul 2018, 03:26 PM IST
Paytm says Renu Satti will be leading the charge as COO of this new (retail) initiative
New Delhi: Paytm Payments Bank CEO Renu Satti has resigned from the role and will now head Paytm’s new retail initiative.
Paytm will look for a replacement for Satti, who had taken over the CEO role last year.
“Renu Satti will be leading the charge as COO of this new (retail) initiative. She has already resigned from the Paytm Payments Bank CEO position and the bank will soon be recruiting a new CEO," Paytm said in a statement.
Satti has built businesses that include marketplace, movie ticketing and most recently Paytm Payments Bank. “She has been a champion of new business launches and her acumen makes her a perfect candidate for leading this important launch," the company said.
Under its ‘New Retail’ model, consumers will soon be able to discover nearby pharmacies, groceries and other shops to place orders and receive instant deliveries. Paytm is also building countrywide P2P logistics which will be used for intra-city deliveries, the statement said.
The company has partnered a large network of local shops, restaurants, pharmacies and groceries for accepting payments and will soon extend its ‘New Retail’ services to them, it added.
“We will work with local restaurants, grocery stores and pharmacies to enable them for local ordering and delivery," Paytm founder and CEO Vijay Shekhar Sharma said.
Local ordering is expected to grow to one-third of Paytm orders and gross merchandise value (GMV) by 2020, he added.