Renu Satti, the Paytm Payments Bank CEO has given her resignation from the role. She will now head Paytm's new retail initiative.
The company will find her proper and deserving replacement for Satti’s post. Renu had taken over the CEO role last year.
Paytm released a statement and said, "Renu Satti will be leading the charge as COO of this new (retail) initiative... She has already resigned from Paytm Payments Bank CEO position and the Bank will soon be recruiting a new CEO.”
In the past, Satti has built businesses ground up that include marketplace, movie ticketing and most recently Paytm Payments Bank.
The company was all praises for Satti and said, "She has been a champion of new business launches and her acumen makes her a perfect candidate for leading this important launch.”
The consumers will soon be able to access and discover all the nearby pharmacies, groceries and other shops to place an order and also get instant deliveries under its 'New Retail' model.
The statement further read that the company is also building P2P logistics with a network spread across the country which will be used for intra-city deliveries.
The statement further added that the company has already collaborated with a huge network of local shops, restaurants, pharmacies and groceries for accepting payments. Not just this, it will soon extend New Retail' services to them.
The founder and CEO of Paytm Vijay Shekhar Sharma said in a statement, "We will work with local restaurants, grocery stores and pharmacies to enable them for local ordering and delivery.”
He added that the local ordering is expected to become one third of Paytm orders and gross merchandise value (GMV) by 2020.
Paytm is an Indian e-commerce payment system and digital wallet company. This digital wallet is available in 10 different Indian languages as per the customer’s preference. It also offers online use-cases like mobile recharges, utility bill payments, travel, movies, and events bookings as well as in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, tolls, pharmacies and education institutions with the Paytm QR code.