New Delhi [India], November 11: Senior FMCG professional and Ola’s top executive, Satyam Manohar, joins Paytm as Vice President. Satyam has worked at various leadership positions with FMCGs like Marico, Kellogg’s and Nivea and has several accolades to his name in business scaleup and digital transformation. In his last role, he has served as the Director of Strategy & Planning for Ola Electric for India & Global markets.
As per his recent LinkedIn announcement: “I’m thrilled to announce that I’ve joined #Paytm as a Vice President for the EDC business. Feels great to be serving a brand that is trusted by 350 million consumers and 20 million merchants! Looking forward to creating milestones; Together in the digital financial ecosystem!! Onwards & Upwards! Always!”
According to Global Data, the Indian mobile payments market will be worth more than $2 trillion by 2024. Paytm is India’s leading digital ecosystem for consumers and merchants and the largest payments platform in India, with a GMV of around ₹4 lakh crore in FY21. As of June 30, 2021, it offers payment services, commerce & cloud services, and financial services to 33.7 crore consumers & over 2.2 crore merchants.
One97 Communications-owned Paytm closed its initial public offering for subscription on November 10. It is the largest-ever public issue in the history of Indian capital markets. It is expected to value One97 Communications at $20 billion (about Rs 1.5 lakh crore). The company intends to use the funds to strengthen the Paytm ecosystem, including through acquisition and retention of consumers and merchants and to provide them with greater access to technology and financial services.