Goldman Sachs executive Mark Schwartz to join Paytm's board

Goldman Sachs executive Mark Schwartz to join Paytm's board

One97 Communications Ltd, which runs mobile wallet and e-commerce platform Paytm, on Monday announced that Mark Schwartz, vice chairman of US-based investment banking major Goldman Sachs Group and chairman in Asia-Pacific, will join its board, according to a statement.

Schwartz, who is currently based out of Beijing, has been a member of Goldman Sachs' management committee. He played a major role in helping Alibaba founder Jack Ma and executive vice chairman Joseph Tsai with Alibaba's $25 billion IPO in New York in 2014, the company said in a statement.

Alibaba is an investor in Paytm.

Vijay Shekhar Sharma, Paytm's founder and chief executive said, "He has played a critical role in building leading businesses in the Asia Pacific region and across the world. I am confident that Mark's insights would offer excellent leadership for Paytm as we work towards bringing half a billion Indians to the mainstream economy."

NCR-based Paytm's other investors include SAIF Partners, Sapphire Venture, Mediatek and Silicon Valley Bank.

In March this year, Paytm had appointed former Alibaba Group Holding executive Bhushan Patil as its president.

At Alibaba, Patil was instrumental in developing's B2B plans for India.

In February this year, Paytm had named Shinjini Kumar, a former Reserve Bank of India executive and director at PricewaterhouseCoopers, as the CEO of its yet-to-launch payments bank. The same month, it appointed Barclays executive Krishna Hegde to head the consumer investment products division of the payments bank.

In December last year, the company named former Amazon executive Vikas Purohit as vice president of its payment bank, who quit within six months of his appointment in June.

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