E-commerce platform Paytm Mall, owned by Paytm Ecommerce Private Ltd, on Monday announced to move its operations from Noida to Bengaluru and hire over 300 new members for product and technology roles. The company also appointed Abhishek Rajan as a chief operating officer (COO) who, during the last four years, has built and scaled up Paytm's Travel business driving large revenues for the company at a positive contribution margin.
Paytm Mall said in a statement that the move would help it tap into the rich talent pool available in Bengaluru's consumer internet and startup ecosystem. "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," said Vijay Shekhar Sharma, Founder and CEO, Paytm.
The existing workforce has the flexibility to either shift to Bengaluru or continues working from their current location in various roles. Additionally, Srinivas Mothey has been elevated to Senior Vice President Merchants Solutions at Paytm who would be working on innovative retail solutions for merchants in his new role.
In his new role as COO, Rajan 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
"We would like to think of Paytm's e-commerce business as a Series A startup with $200 million cash in the bank, where key technology and operations components required for running a commerce business have already been built," said Rajan 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 recently partnered with BigBasket for the supply of groceries on its platform. In February, the e-commerce platform ventured into exports with the aim of becoming India's largest trading house for "Made in India" products, while targeting Rs 500 crore gross merchandise value (GMV) in the first two years of operations.