Former Alibaba Wholesale Business Head Bhushan Patil Joins Paytm As President

Mobile payment and commerce platform Paytm has appointed ex-head of Alibaba Group Holding’s wholesale business, Bhushan Patil, as the company’s new president. Patil’s key areas at the company would include building the company’s cross border commerce.

Paytm’s Indian business is growing, as it is aiming to sell $2 billion worth of products in 2016 and see the sellers grow to 5 lakh from 1.7 lakh currently. The firm has a current user base of more than 125 million, and is on a mission to bring half a billion Indians to the mainstream economy using mobile payment, commerce and soon-to-be launched payment banking services. 

Alibaba Group:

Alibaba Group Holding Limited is a Chinese e-commerce company that provides consumer-to-consumer, business-to-consumer and business-to-business sales services via web portals. It also provides electronic payment services, a shopping search engine and data-centric cloud computing services. The group began in 1999 when Jack Ma founded the website, a business-to-business portal to connect Chinese manufacturers with overseas buyers. 

PayTM in recent activity:

Paytm has got into a strategic tie-up with Florida-based global provider dedicated to banking and payments technologies FIS Global. The deal size would be worth close to Rs 150 crore over a period of five years. FIS, a Fortune 500 company, would help Paytm with core banking system.Paytm payments bank would set up nearly 20 signature branches. In addition, there will be 200 smaller store-like branches and at least 1,000 agents

Extra info:
  • Paytm is an Indian e-commerce shopping website headquartered in Noida, India, launched in 2010. 
  • It is owned by One97 Communications The firm started by offering mobile recharging, adding bill pay,Founder by  Vijay Shekhar Sharma.
  • Vijay Shekhar Sharma is the CEO and founder of Paytm.

So lets do:
  • Who is the CEO of PayTm?
  • Who is the CEO of Alibaba?
  • Former Alibaba Wholesale Business Head Bhushan Patil Joins Paytm As ________.

Source – The Economic Times


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