Paytm Payments Bank CEO Renu Satti resigns, to head new retail unit

Paytm Payments Bank CEO Renu Satti has resigned from her position and will now head the new retail initiative. 

The company has yet not zeroed in on a new CEO. She was appointed CEO of the Payments Bank last year. The company said Satti, who is part of the core team, has been instrumental in launching all the main verticals including e-commerce in creating a merchant base, and will now be key to creating its brand new segment ‘New Retail’.

The company is planning to raise $500 million for the unit, a model to be used to equip shopkeepers with technology, logistics and marketing capabilities. Under this, consumers can discover nearby pharmacies, groceries and other shops to place an order and get instant deliveries.

Paytm is also building peer to peer logistics with a rider network spread across the country, which will be utilised for intra-city deliveries. The company has already partnered with a large network of local shops, restaurants, pharmacies and groceries for accepting Payments and will soon extend ‘New Retail’ services to them.With food ordering and groceries reaching the same scale, the company is partnering with national grocery and food chains as well as online platforms to power ‘New Retail’.“Renu Satti will be leading the charge as COO of this new initative. In the past, she has built businesses ground up that include marketplace, movie ticketing and most recently Paytm Payments Bank,” the company said.Vijay Shekhar Sharma said they will work with local restaurants, grocery stores and pharmacies to enable them for local ordering. “Renu will lead the New Retail initiative and she has resigned from bank CEO position. Local ordering is expected to become one third of Paytm orders and GMV by 2020,” Sharma said.