Madhur Deora all set to join Paytm
One97 Communications, which runs mobile payments company Paytm has hired Madhur Deora. Pictured: Representational Image.Pixabay

Mobile payments platform Paytm, which is owned by One97 Communications Ltd, on Thursday, announced that it has hired ex-Citigroup senior executive Madhur Deora as its Chief Financial Officer (CFO) and senior vice-president.

Once on-board Paytm, Deora will be responsible for building and managing Paytm's newly formed financial services business, Mint reported.

Vijay Shekhar Sharma, the founder of One 97 Communications told media publications that "Madhur has been a long-term friend and partner of Paytm. I am extremely happy to welcome him onboard. His expertise will help us to build our newly formed financial services business into one of the largest from India."

According to Madhur Deora's LinkedIn profile, he was serving as Managing Director, investment banking business at Citigroup. He joined the company in July 1999. He has 17 years of experience in the field of investment banking. Deora is an alumnus of the Wharton in Pennsylvania.

"This is going to be a phenomenal learning experience for me. I look forward to using my experience and skills to further support this incredible growth," Deora told ET.

It is believed that in 2013, Deora helped JustDial with its IPO and also led fund-raising discussion for Paytm with Alibaba last year.

Previous high-profile appointments

Before Deora, Paytm had hired former Reserve Bank of India (RBI) executive Shinjini Kumar as Chief Executive of Paytm's payments bank in March. The following month, it hired central bank's deputy general manager Vipin Surelia to head its risk compliance division in April.

Launched in 2014, Paytm is backed by investors such as Alibaba Group, SAIF Partners and Sapphire Venture. According to media reports, in May, Paytm had said it is in the process of spinning off its marketplace business and its payments business.