Paytm, a digital payments and commerce platform has hired an ex-Citigroup i-banker, Madhur Deora as its chief financial officer and senior vice president.
Before joining Vijay Shekhar Sharma’s Paytm team, Deora was managing director of Citigroup’s investment banking business, located in Mumbai.
Deora is a Wharton graduate, who has spent 17 years at Citi and was also behind brokering the Alibaba deal for Paytm.
Vijay Shekhar Sharma, Founder, Paytm expects that Deora’s expertise will help him build his company to become one of the largest financial service business in India.
He is expected to work with the planned payments bank which will launch its beta version during Diwali where he will steer areas like wealth management, insurance and micro loans.
The reports suggest that the company is currently in the middle of fund raising process, where it is looking forward to acquire around 250-300 million USD at a valuation of about 5 billion USD for its payment bank and commerce business.