Paytm Mall Will Hire 300 Staff As Headquarters Shifted To Bengaluru From Noida; Losses Cut
E-commerce platform Paytm Mall, owned by Paytm Ecommerce Private Ltd, on June 1 announced to move its operations from Noida to Bengaluru. It is also planning ramping up the operations by recruiting over 300 new members for product and technology roles.
The company has also appointed Abhishek Rajan, the head of its travel business as the new Chief Operating Officer (COO) of Paytm Mall.
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New Location, New Hires!
The company also said that it has significantly brought down the cashburn in the last few months. This could be a result of the COVID-19 resultant nation-wide lockdown which stopped all ecommerce activity.
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.
Vijay Shekhar Sharma, Founder and CEO, Paytm said, “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.”
The existing workforce has the flexibility to either shift to Bengaluru or continue working from their current location in various roles.
In addition, 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.
Paytm Strengthening Its Hold On Grocery Delivery!
Paytm Mall is also reportedly looking to pick up a majority stake in grocery delivery startup Grofers, both being backed by Softbank.
Ranjan during the last 4 years, has built and scaled up Paytm’s Travel business driving large revenues for the company at a positive contribution margin.
In his new role as COO, Rajan will set the vision for the 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.
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. He said, “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.”
Recently, Paytm Mall partnered with BigBasket for the supply of groceries on its platform. In February, the e-commerce platform forayed 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 2 years of operations.