Two of Paytm's top-level executives have been promoted to higher roles as the company eyes IPO in 2022. The top brass restructuring is not official yet, but Entrackr learned of the development from multiple sources aware of the ongoing process. The publication was further informed that the changes are a crucial step towards laying the structure for a potential IPO.

According to the report, Madhur Deora and Amit Nayyar, both serving as Presidents at Paytm for quite some time now have new roles at the firm. Deora is reportedly appointed as Paytm Group's CFO (Chief Financial Officer). As for Nayyar, he has been given additional responsibility of merger and acquisition.

Amit Nayyar and Madhur Deora

Paytm's top brass and their new roles

Deora now controls the finance aspects of Paytm Money, Paytm First Games, Paytm Mall and Paytm Insider. He was appointed as the president in August 2019, same time Nayyar was promoted to the role. Previously, Deora had served as company CFO and senior VP for 4 years.

The headquarters for Paytm, India's leading digital payments firm, is pictured in Noida REUTERS/Sankalp Phartiyal/File Photo

Since Nayyar was responsible for the financial services including insurance, lending and Paytm Money, his role was apt for the M&A. "Paytm completed the hiring of chief executive officers for the three businesses recently. This prompted the company to engage him in important roles including M&A," one person familiar with the developments told Entrackr.

These changes are a part of an ongoing restructuring process at Paytm. The sources revealed that new roles and responsibilities are to be given to other top-level execs at the firm.