Mr Amit Nayyar, the President of Paytm, and several others have resigned ahead of the company’s general meeting of shareholders scheduled on July 12. The firm will seek permission for its projected Initial Public Offering (IPO).
Other top Executives who also recently resigned are Mr Vijay Shekhar Sharma; he led a fintech startup to include Chief Human Resource Officer Mr Rohit Thakur, Chief Business Officer, and the Senior Vice President of user growth Mr Amit Veer, Head of Marketing for Paytm Mr Jaskaran Singh Kapany.
In 2019, Mr Nayyar, a former Goldman Sachs executive, joined Paytm’s board of directors and was the key person in developing the firm’s financial division and its insurance and lending verticals. Mr Nayyar’s departure from the largest fintech startup in India has sparked the interest of industry analysts. With Mr Nayyar’s exit from Paytm, the firm’s president title currently belongs to Mr Madhur Deora. Mr Rohit Thakur, who previously worked at Accenture as their HR director and led leadership roles at GE and Microsoft, also resigned from Paytm last month after serving his notice period.
The firm’s head of marketing, Mr Jaskaran Singh Kapany, left the firm in February, almost six years after serving in the fintech startup. The Chinese smartphone manufacturer Xiaomi appointed him as the Marketing Office for the Indian Region. Paytm’s marketing division is currently led by Mr Abhinav Kumar, the Vice President of Marketing.
One97 Communications Ltd, the company that owns Paytm, has restructured its board of directors. According to Paytm’s registrar of companies filing, Senior Vice President of Ant Group Mr Douglas Lehman Feagin, has joined the Paytm board, succeeding Ant Group Chairman and Chief Executive – Mr Jing Xiandong (Eric), who has resigned. Saama Capital Managing Partner Ash Lilani has also joined the Paytm board as an Independent Director. Alibaba’s Michael Yuen Jen Yao and Berkshire Hathaway investment manager Tood Anthony Combs exited the board of directors on June 30 after two years, according to the filing by RoC.
Paytm witnessed a handful of exits within its management team in 2019. This included the Former Senior Product Vice President, Mr Deepak Abbot, and the Former Lenders’ Manager Nitin Misra, who left the company to build the IndiaGold digital gold services platform. That same year, the previous Chief Operating Officer of Paytm, Mr Amit Sinha and Kiran Vasireddy, departed from the fintech startup. Mr Pravin Jadhav, Managing Director of Paytm’s wealth management division, Paytm Money, also resigned in April 2020 due to mounting disagreements with the company’s management.
On July 12, One97 Communication will likely file its Draft Red Herring Prospectus with SEBI for its IPO. The IPO proposal for Paytm comprises a fresh issue of equity shares and an offer-for-sale of equity shares by its shareholders.