Paytm Fortifies Its AI Play, Appoints Payments CTO Manmeet Dhody As AI Fellow

Doubling down on its artificial intelligence (AI) play, fintech major Paytm said it has appointed its CTO Manmeet Dhody as “AI Fellow” to drive its projects related to AI innovation in business. 

Dhody has been with the company since 2020, joining as CTO-Payments. His over two decade long prior work experience has seen him lead software development for over seven years for ecommerce major Amazon between 2012-2020, serve as the principal development lead for Microsoft, and hold the position of director in US-based software development company Quark. 

Meanwhile, Paytm has elevated senior VP of Technology Deependra Singh Rathore as its new CTO-Payments. Interestingly, Rathore helmed AI-led strategic initiatives and oversaw design and implementation of payment products and services during his ongoing eight-year tenure with the company. 

He joined the company as a senior VP for its associate Paytm Payments Bank in 2016. Before joining Paytm, he worked as an engineering manager for Snapdeal for over a year between 2014-16. Prior to that, he worked for AGNITY and GENBAND. 

Paytm credits him for building its payments technology to provide exhaustive payment solutions to merchants and customers such as online payment gateway, QR payments, card payments.

“As India’s leading tech innovator, we have always championed innovations that drive mobile payments and inclusive financial service distribution to masses. We are excited to see Deependra Singh Rathore step into the role of CTO, and build for financial services in the AI age. We also welcome Manmeet as an AI Fellow, helping accelerate our vision of integrating AI-driven processes across our business operations,” a Paytm spokesperson said. 

This comes about a month after Paytm chief Vijay Shekhar Sharma said that the company is “fully committed” to integrating AI in its core payment business. 

“Some technologies being built are so good, if you fork it out, it could become a standalone business vertical. Risk management options, credit risk, fraud risk, future underwriting of insurance will all be led by AI. The generative AI interaction with financial services will be underwriting,” Sharma said during the company’s 24th annual general meeting on September 12. 

However, it is pertinent to note that the company has also attributed its mass layoff spree to AI adoption. Earlier, sources told Inc42 that Paytm has been adopting AI wherever possible to drive up efficiency since last year, resulting in layoffs. The company has laid off hundreds of employees since 2023.

“For the coming year, while we continue to invest in the merchant sales team, as well as risk and compliance functions, we expect reductions in other employee costs. We expect annualised people cost savings of INR 400 – INR 500 Cr,” Paytm said in its annual report for FY24.