- Set to recruit 300 people for product & technology roles
- Reduces quarterly losses from $17million to $2million during the last financial year
Paytm Mall (owned by Paytm Ecommerce Private Limited), which is redefining the e-commerce space in India with its unique O2O (Offline to Online) model, today announced the appointment of Abhishek Rajan as the new Chief Operating Officer of the company. During the last four years, Abhishek (an IIM-Ahmedabad Alum) has built and scaled up Paytm’s Travel business driving large revenues for the company at a positive contribution margin. Paytm Mall is also moving its operations from Noida (Uttar Pradesh) to Bengaluru and plans to hire over 300 new members for product & technology roles aiming expansion across its business categories. This will help the company tap into the rich talent pool available in the city’s consumer internet and startup ecosystem. The existing workforce has the flexibility to either shift to Bengaluru or continue working from their current location in various roles. Additionally, Srinivas Mothey has been elevated to Senior Vice President Merchants Solutions at Paytm. He would be working on innovative retail solutions for merchants in his new role.
In his new role, Abhishek will set the vision for Mall and oversee the operations across categories, products, technology, supply chain, marketing and finance. He will specifically focus on strengthening the commerce customer experience and expanding the hyperlocal merchant base, thereby enabling more Kirana stores to be part of the digital commerce journey. He will continue to oversee Paytm’s travel vertical till the time a new business head is appointed.
With a sharp focus on profitability, Paytm Mall has significantly reduced its quarterly cash burn from $17 million to $2 million during the last financial year. Paytm Mall currently offers a wide assortment of products across Mobile, Computers, Apparel, Footwear, Consumer Electronics, Home Appliances, Health & Fitness, and General Merchandise. It has partnered with BigBasket for the supply of groceries on its platform.
Vijay Shekhar Sharma, Founder & CEO – Paytm said, “I am very happy to see the way Abhishek has built and led the travel business for us. In the post-COVID world, we want to bring commerce to even more customers and serve the SMEs across the country. We are well-capitalized, have a great team, and a massive network of customers to make our O2O model penetrate further in India. I am confident Abhishek will take Paytm Mall to new heights.”
Abhishek Rajan, COO – Paytm Mall said, “We would like to think of Paytm’s e-commerce business as a Series A startup with $200 Mn cash in the bank, where key technology and operations components required for running a commerce business have already been built. In the last 3 quarters, the team has done an incredible job of bringing down the cash burn to $2 Mn/quarter. There cannot be a better starting line for us, as we look ahead to scale the business in a profitable manner.”