IPO-bound payments firm Paytm most high-profile senior executives have left the firm. Most notably, its president Amit Nayyar has tendered his resignation, according to two sources aware of the matter, according to sources privy to the development told ET.
Nayyar, a former Goldman Sachs executive, was hired in 2019 to build the startup’s financial services arm and has been instrumental in its building its insurance and lending verticals.
Commenting on Nayyar’s exit, a source directly aware of the matter, said “His timing of leaving Paytm (ahead of the IPO) is intriguing, given he came in as president. Only Madhur Deora now has the president tag in the company.”
Other people to have exited the company in the last few months include names like Rohit Thakur, the chief human resource officer, Amit Veer, chief business officer and senior vice president of user growth and Jaskaran Singh Kapany, the head of marketing of Paytm.
Thakur, who joined the company in December 2019, finished serving his notice period and quit in the first week of June.
While Thakur left a few weeks ago, Nayyar’s exit is more recent.
One97 Communications, the parent of digital payments giant Paytm is likely to file its DRHP with market regulator Sebi shortly after the firm’s EGM scheduled for July 12, ET reported.
In response to ET Now Digital’s mailed queries, Paytm sent the following statement: “As a company, we do not comment on personnel changes. We have built an incredible management team with some of the most reputed names in the industry, who are focused on driving growth at Paytm.”
The money will be raised via sale of new Paytm stock as well as a secondary offering of shares at an expected valuation of $24 billion to $25 billion with an option to raise the amount at a later stage if required, the sources said, declining to be named as the matter is not public.
Paytm’s proposed $2.3 billion IPO will make it India’s third-biggest public listing in dollar terms after state-run miner Coal India in 2010 and Reliance Power in 2008.
The fintech startup, which is backed by China’s Alibaba and Japan’s SoftBank, is currently valued at $16 billion.
Ant Group and Alibaba own nearly 38% of One97 Communications, Paytm’s parent entity. SoftBank holds 18.73%, while Elevation Capital (formerly SAIF Partners) has a 17.65% stake
