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Paytm Payments Bank's CEO, Renu Satti, resigned from his position and will now lead Paytm's new retail initiative. Paytm will look for a replacement for Satti, who took over the role of CEO last year.
"Renu Satti will lead the charge as COO of this new initiative (retail) … She has already resigned from Paytm Payments Bank The CEO and the Bank will soon recruit a new CEO," said Paytm in a statement
Satti has, in the past, built businesses that include the market, the box office and most recently the Paytm Payments Bank
. "She has been a champion of new business launches and her keen sense of urgency. she is an ideal candidate to lead this important launch, "said the company.
Under its new model, consumers will soon be able to discover pharmacies and grocery stores nearby, Paytm is also building P2P logistics with a network spread across the country. which will be used for intra-urban deliveries, according to the release.
The company has already established a partnership with other stores to place order and obtained r instant deliveries with a big net "We will work with local restaurants, grocery stores and pharmacies to enable them to order locally and sell their products. Said Vijay Shekhar Sharma, founder and CEO of Paytm.
The local order is expected to reach one-third of Paytm orders and gross market value (GMV) by 2020, he added.
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