Renu Satti quits as Paytm Payments Bank CEO, to head retail initiative

New Delhi: Paytm Payments Bank CEO Renu Satti has resigned from the role and will now head Paytm's new retail initiative.

Paytm will look for a replacement for Satti, who had taken over the CEO role last year. "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," Paytm said in a statement.

In the past, Satti has built businesses ground up that include marketplace, movie ticketing and most recently Paytm Payments Bank. "She has been a champion of new business launches and her acumen makes her a perfect candidate for leading this important launch," the company said.

Under its 'New Retail' model, consumers will soon be able to discover nearby pharmacies, groceries and other shops to place an order and get instant deliveries. Paytm is also building P2P logistics with a network spread across the country which will be utilised for intra-city deliveries, the statement said.

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, it added. "We will work with local restaurants, grocery stores and pharmacies to enable them for local ordering and delivery," Paytm founder and CEO Vijay Shekhar Sharma said.

Local ordering is expected to become one third of Paytm orders and gross merchandise value (GMV) by 2020, he added.