Ex-Alibaba exec Bhushan Patil quits as Paytm President
Bhushan Patil quits Paytm Mall President.
Paytm and Paytm Mall together could raise $1-2 Billion from investors.
Paytm mall faced a loss of $250 Million in FY 2017-18.
Bhushan Patil, who joined Paytm in March 2016 after a five-year stint with Alibaba, had joined Noida based company Paytm to look after its cross border commerce business. But he has quit the business after serving three years. Patil’s exit marks one of the most senior leaders leaving the company in the current time. Bhushan Patil joined Paytm Mall as key Executive with Paytm focusing on its domestic commerce business. The development comes at a time when Paytm’s e-commerce business is under pressure from its rivals Flipkart and Amazon.
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 be $1-2 Billion from investors. E-bay is also planning to invest in Paytm Mall. After quitting of Patil remaining team of Paytm mall’s Bengaluru office will shift to Noida and Paytm Money business will now be housed at Bengaluru.
Paytm Mall also called One97 Communication in late 2016 and that time it took the shortest time to become a unicorn. This was attained by tried and tested cashback model of Paytm itself. But this model further failed to work for Paytm mall and it has to face a loss of $250 Million in FY 2017-18. With this loss the company also faced massive leadership and middle management attrition while facing the seller’s flak for unsold inventories and quitting of Patil is also a major exit from Paytm Mall. The company is gradually facing a drop in its B2C domain and us struggling hard to maintain its legacy in the market.
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