Revolut Enters India; Names Paroma Chatterjee as its CEO
UK-based global fintech major, Revolut is all set to launch its business in India. The firm names Paroma Chatterjee as its Chief Executive in India. This initiative is a part of its global expansion plans and the company valued at $5.5 billion last year.
Previously, Paroma has served as the senior executive at Lendingkart, Via.com, Flipkart and Airtel Money. In her new role at Revolut, she is expected to build and lead the India unit, define and impose the business strategy. Alongside, she would hire the team and manage licence applications and any potential acquisitions in the Indian market.
Excited about her new role, Paroma says, “I couldn’t be more excited to join Revolut and become a part of this phenomenal growth journey. It is an honour and a privilege to be asked to lead the business for such a world-class company, in a country that presents one of the largest opportunities globally for Revolut. I look forward to building an exceptionally talented team and working with them, as we continue to develop superlative financial solutions for millions of consumers in India. We will build the bank of the future.”
Revolut is on track for a fundraising that would elevate the company’s value to range between $10 billion and $15 billion.
The firm has established itself as an alternative to traditional banking products through its suite of digitally-enabled products across banking and business accounts, cards and payments, foreign exchange transfers and remittances, funding and trading, insurance and other financial services. Thus, Revolut India would look to introduce those products across the country that may help Indians to enhance their experience that we currently face in accessing and managing our personal finances.
Nik Storonsky, CEO and Founder, Revolut says, “With a wealth of experience in the fintech and consumer tech sectors and an outstanding track record, Paroma is an excellent fit for the role and her appointment is a major achievement in our continued mission to become the world’s first truly global financial superapp. We’re looking forward to transforming the way people in India access and manage their money as we bring our products and services to more people around the world. India is a core market in our expansion strategy with a huge supply of talent, and we’re excited to tap into that talent pool to help Revolut go from strength to strength.”
Revolut states it would be one of the first UK fintechs to enter India and can further deepen trade relations between both countries. Its launch in India is the latest step in its international business expansion, following successful launches in Singapore and Australia in 2019, and the US and Japan in 2020.
