Paytm Reshuffles Leadership, Appoints Deependra Singh Rathore As CTO, Manmeet Dhody As AI Fellow

Paytm has doubled down on its artificial intelligence (AI) play by appointing its CTO Manmeet Dhody as a “AI Fellow” to foster AI innovation in business ventures.

Dhody has been with the organization since 2020, starting as CTO-Payments. His previous professional experience spans more than two decades, including leading software development for ecommerce giant Amazon for nearly seven years from 2012 to 2020, serving as Microsoft’s primary development lead, and holding the post of director at US-based software development business Quark.

Meanwhile, Paytm has appointed Deependra Singh Rathore, senior VP of Technology, as its new CTO-Payments. Interestingly, during his eight-year career with the company, Rathore managed the design and execution of payment products and services, as well as AI-led strategic initiatives.

Related: Paytm Sells Entertainment Ticketing Biz to Zomato for INR 2048 Cr

In 2016, he joined the company as a senior vice president of its partner Paytm Payments Bank. Before to Paytm, he spent over a year as an engineering manager at Snapdeal from 2014 to 2016. Previously, he worked with AGNITY and GENBAND.

Paytm credits him with developing its payments technology to provide comprehensive payment options to businesses and users, including online payment gateways, QR payments, and card payments.

“As India’s foremost technology pioneer, we have long advocated for innovations that enable mobile payments and inclusive financial service distribution to the public. We are pleased to see Deependra Singh Rathore take on the post of CTO and build for financial services in the AI era. We also welcome Manmeet as an AI Fellow, who will assist accelerate our vision of integrating AI-driven processes throughout our business operations,” stated a Paytm spokesperson.

This comes about a month after Paytm CEO Vijay Shekhar Sharma stated that the company is “fully committed” to incorporating AI into its core payment operation.

“Some of the technologies being developed are so advanced that if you invest in them, they may become a separate business segment. AI will lead the way in risk management alternatives, credit risk, fraud risk, and future insurance underwriting. “The generative AI interaction with financial services will be underwriting,” Sharma stated at the company’s 24th annual general meeting on September 12.

However, it is important to note that the corporation has also ascribed its major layoffs to AI adoption. Earlier, insiders told reporters that Paytm has been using AI wherever possible to increase efficiency since last year, resulting in layoffs. Since 2023, the corporation has laid off hundreds of people.

“While we continue to invest in the merchant sales team, as well as risk and compliance responsibilities, we anticipate cost reductions in other staff areas. Paytm’s annual report for FY24 stated that it expects annualised human cost savings of INR 400 – INR 500 crore.