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Paytm president Amit Nayyar and 4 other top execs quit ahead of IPO


Some senior Paytm executives have stop forward of its
highly anticipated $2.3 billion Initial Public Offering (IPO).

This contains Amit Nayyar, the president of Paytm, who has tendered resignation, two sources conscious of the matter stated.

The Noida-based agency’s chief HR officer Rohit Thakur and three different vice presidents have additionally put of their papers, the sources added.

Nayyar, a former Goldman Sachs government, got here on board in 2019 to construct the startup’s monetary providers arm and has been instrumental in propelling its insurance coverage and lending verticals.

“The timing of Nayyar leaving Paytm (forward of the IPO) is intriguing provided that he got here in as President. Solely Madhur Deora now has the President tag within the firm,” one supply straight conscious of the matter stated.

Thakur, who joined the corporate in December 2019, completed serving his discover interval and stop the corporate within the first week of June.

Nayyar and Thakur have been from the
new crop of leaders that Paytm hired after some senior executives from the older lot left the corporate a couple of 12 months in the past.

“As an organization, we don’t touch upon personnel adjustments. We have now constructed an unimaginable administration staff with a few of the most reputed names within the trade, who’re targeted on driving development at Paytm,” the corporate stated in response to ET’s electronic mail.

Thakur was beforehand the HR head at Accenture. He has additionally held management positions at Microsoft and GE.

Paytm has but to discover a alternative for him, one other individual conscious of the matter, who didn’t want to be named, stated.

“Rohit was comparatively new within the organisation. Managing HR in a big organisation like Paytm, particularly within the run as much as the IPO may very well be difficult,” the supply added.

A number of senior executives, together with the top of Paytm First, Paytm Cash’s CEO and Paytm Mall’s chief monetary officer stop the corporate a couple of 12 months in the past.

Since then, there was just one main exit in February this 12 months, its head of promoting, Jaskaran Singh Kapany.

Paytm in its final board assembly additionally
made several changes to its board of directors, ET reported.

Douglas Lehman Feagin, senior vice chairman at Ant Group has joined the board as an extra director, changing Eric Xiandong Jing, the chief government of China’s largest fintech conglomerate Ant Group.

In the meantime, Ashit Lilani, the managing companion of Saama Capital, has additionally joined the Board as an unbiased director, whereas members Michael Yuen Jen of Alibaba and Todd Anthony Combs of Berkshire Hathaway have left, in accordance with regulatory filings accessed by ET.

Vikas Agnihotri of Softbank Imaginative and prescient Fund has joined Paytm’s board as an alternate director.

Ting Hong Kenny Ho and Guoming Cheng of the Alibaba Group who held the positions of alternate director have additionally seen their phrases expire, in accordance with filings.

ET reported on Monday that Paytm’s IPO will probably be price round Rs 16,600 crore (about $2.23 billion) and the Noida-based fintech agency is more likely to file a Draft Pink Herring Prospectus (DRHP) with the Securities and Alternate Board of India (Sebi) quickly after its extraordinary common assembly (EGM) on July 12.

The corporate is searching for a valuation within the vary of $24-$30 billion.

The fintech startup, which is backed by China’s Alibaba and Japan’s SoftBank, is presently valued at $16 billion.

Ant Group and Alibaba personal practically 38% of One97 Communications, Paytm’s father or mother entity.

SoftBank holds 18.73%, whereas Elevation Capital (previously SAIF Companions) has a 17.65% stake.

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