In a high-profile appointment, Paytm has appointed Bhushan Patil, erstwhile head of Alibaba Group Holding’s wholesale business, as it’s new President.
The appointment also serves to reaffirm the company’s commitment to cross-border commerce. Patil, as the president, will be focusing much of his attention on the particular area — an area he is closely familiar with, thanks to his tenure at Alibaba.
Speaking on the topic, Vijay Shekhar Sharma, CEO and founder, Paytm, said
We want to offer Indian merchants a compelling commerce platform and Patil brings an incredible experience of building cross border commerce. It will help Indian merchants to sell globally, too. As we continue to grow at an exponential pace, it is important for Paytm to expand its operations outside India for further development
The incoming president seemed to be similarly excited at the prospect of his new job.
I’m thrilled to come on board at one of the fastest scalingpayments and commerce platforms in the country and look forward to a mutually successful tenure at Paytm.
Patil certainly joins the company at a crucial time, and his stint here will affect the company’s wider goals — or at least, that’s what the company is hoping for. It’s 2016 goals are pretty ambitious and cross border is definitely going to play an important role in achieving them.
The company is hoping to sell $2 billion worth of products this year and increase the number of sellers onboard from 1.7 lakh to half a million. Yes, we know what you are thinking, the platform which had — and still has — payments as it’s chief forte, seems to be lying quite a bit of stress upon e-commerce.
But that’s just the way things are happening now, with corporations dipping their hands into every pie. While e-commerce portals are busy launching their own digital payment solutions, payment providers are creating e-commerce ecosystems centered around — you guessed it — their own payment systems.
Paytm already boasts of a user base of more than 125 million and is looking to take that number upto half a billion. Along with mobile payments and e-commerce, the company is also on the verge of launching a payment banking services, soon.