Bhushan Patil, president at Paytm, has quit the company, two people directly aware of the matter said. Patil, who joined Paytm after a five-year stint with Alibaba, had initially joined the Noida-based company to look after its cross border commerce business. Patil’s exit marks one of the most senior leaders leaving the company in recent times.
With Paytm focusing on its domestic commerce business, he was one of the key executives for Paytm Mall. Patil joined Paytm in March 2016.
It is not yet clear as to what’s Patil’s next move after Paytm. He was one of the higher ranked executives in Paytm.
An email sent to Paytm did not immediately elicit any response on the matter.
The development comes at a time when Paytm’s commerce business is under pressure from bigger rivals like Amazon and Flipkart (now owned by Walmart).
TOI previously reported saying how Paytm Mall has been trying to focus on its wholesale commerce business. In March TOI reported, Paytm and Paytm Mall, together could raise anywhere between $1-2 billion from investors. American e-tailer eBay is looking to invest in Paytm Mall as well.
With Patil’s departure, the remaining team of Paytm Mall in Bengaluru will move to Noida. This would mean, largely the travel business and wealth management business–Paytm Money– would be housed in Bengaluru.―Times of India