The turmoil continues in the company ahead of the $ 2.3 billion IPO of Paytm, the country’s largest digital payments company. According to sources, several top officials, including the president of the Noida-based company, Amit Nayyar, have resigned. These include the company’s Chief HR Officer Rohit Thakur. The much-awaited IPO of the company is likely to come around Diwali.
Nayyar, who worked at Goldman Sachs, joined the Paytm board in 2019. He was entrusted with the financial services arm of this startup company. Nayyar has been instrumental in growing the insurance and lending verticals of the company. A source said that Nayyar is leaving Paytm ahead of the IPO. He had come to the company as the President. Now only Madhur Deora has the post of President in the company.
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what paytm said
Rohit Thakur joined Paytm in December 2019. He left the company in the first week of June. Nayyar and Thakur were brought into the company after some senior executives stepped down. In an email to ET, the company said, “We do not comment on personal changes. We have built a strong management team with industry stalwarts who are committed to take Paytm to newer heights.
Thakur was earlier HR Head at Accenture. He has also held important positions at Microsoft and GE. Another source said that no one has been replaced in Paytm as of now. The source said, “Rohit was new to the company. Managing the HR of a large company like Paytm, especially before the IPO, can be challenging. According to the source, three Vice Presidents of Paytm have also left the company. However, ET could not independently confirm the names of these officials.
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Many top officials have left
Several senior executives have left the company a year ago. These included the head of Paytm First, the CEO of Paytm Money and the Chief Financial Officer of Paytm Mall. After this, marketing head Jaskaran Singh Kapani had exited the company in February. The company had made several changes in the board of directors in its last board meeting. Chinese citizens are off board.
Paytm IPO $ 2.23 billion i.e. Rs 16,600 crore can be. The company’s EGM is to be held on July 12. After that it can file DRHP with SEBI. The company wants to reach its valuation of 24 to 30 billion dollars. China’s Alibaba and Japanese’s SoftBank have investments in this fintech startup. It is currently valued at $16 billion. Ant Group and Alibaba hold about 38 per cent stake in Paytm’s parent company One97 Communications. SoftBank holds 18.73 per cent and Elevation Capital (formerly SAIF Partners) holds 17.65 per cent.