Prior to joining Paytm in October 2016, Deora served as Managing Director in Citigroup's investment banking business.

"We have grown over 20x in the last three years by creating a payments-led lifestyle and financial services app in our country," Vijay Shekhar Sharma, Founder and CEO, Paytm, said in a statement.

"As we expand our business, we are promoting Deora to the role of President who has been a key partner in this success," Sharma added.

Paytm recently announced that within a year of the launch of its "Loan EMI, Credit Card Bill, and Insurance premium" payment use-case, it has captured 70 per cent market share among all mobile payment apps for BFSI payments.

The company has been rapidly onboarding partners from the insurance and banking sector to become a single platform for such payments.

It has tied-up with more than 30 major insurance companies and more than 45 finance companies.

"I am excited about our next phase of growth in consumer Internet and financial services," said Deora.

Paytm is the single largest platform for banks, financial services, and insurance (BFSI) payments.

It registered over 50 million transactions within a year of its launch. This has encouraged millions of users to make digital payments instead of submitting cheques or visiting the bank branch.