IPO-bound Paytm’s president Amit Nayyar has quit the company, two people close to the development said.
He was responsible for strategy, leadership hiring, mergers and acquisitions (M&A), licensing, and strategic partnerships.
At the group level, he led group corporate development, M&A and key external senior relationships along with selective Investor engagements.
Responding to a request for comment, a Paytm spokesperson said: “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.“
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.
One97 Communications, the parent firm of Paytm, said Douglas Lehman Feagin, senior vice-president at Ant Group, joined the company’s board. He replaced Ant Group chairman and chief executive officer (CEO), Jing Xiandong (Eric). Xiandong has resigned from the board.
Paytm has also allowed its employees to exercise their employee stock ownership plan (ESOPs).
One97 Communications said earlier that it intends to raise Rs 12,000 crore ($1.6 billion) by issuing fresh equity.
An extraordinary general meeting (EGM) of Paytm is scheduled to be held in Delhi on July 12. The company said earlier that the IPO will include a fresh issue of equity shares and an offer for sale from certain existing shareholders.
The company, in its EGM, will also resolve to consider and approve the declassification of Sharma from his status as a promoter of the company.
Paytm is backed by investors like SoftBank Group, Ant Group, and Berkshire Hathaway.
Paytm is eyeing to raise $3 billion (around Rs 22,000 crore) through its IPO. The IPO plan received in-principle approval for Paytm’s Board in May. If successful, this could be the biggest initial public offering (IPO) by an Indian company, breaking Coal India’s 2010 record of Rs 15,475 crore.
Read More: Paytm president and financial services head Amit Nayyar quits ahead of IPO