In a recent development Paytm, the mobile payments and commerce platform has roped in former Amazon India executive Vikas Purohit to lead its payments bank business. Purohit, who is an BHU and IIM-Bangalore alumnus and was leading the fashion and lifestyle category at Amazon, is joining Paytm as VP. Before joining Amazon India around three years back, Purohit worked with brands like Tommy Hilfiger, Reliance and Madura Garments for more than 10 years.
Vijay Shekhar Sharma, Paytm CEO,said in a statement:
“One key reason to get Vikas on board is that we needed someone who holds both online and offline retail experience,”
At Paytm, as a VP, Purohit will look after the expansion of payment bank business offline through branches and agents once the Reserve Bank of India (RBI) gives operational clearances. In August, RBI granted payment bank licences to 42 applicants including Paytm, Reliance Industries, Bharti Airtel and Vodafone. These companies are allowed to take deposits, convey remittances and dispense payments to recipients making them ideal for migrant workers who need to send money home.
It is being said that his appointment is in line with the company’s plan to streamline its executive committee for its payments bank while it awaits a final nod from the Reserve Bank of India. The company is also in process of recruiting 3,000 people and has also got on board Ernst & Young and Mckinsey to help it in its hiring process. Majority of this hiring will be done for the technology department.
Lately, Indian startups have been picking up talent from even direct rival companies and across industries, with examples ranging from Google’s Surojit joining Flipkart, Infosys’s Rajiv Bansal joining OLA, Tarun Jain from Twitter joining Flipkart, Goibibo Go founder Deepak Tuli joining MakemyTrip as Senior VP or be it Hike appointing multiple senior executives from Amazon and Unilever. Everyone is trying their best to have the strongest pool of talent to strengthen their companies.