Paytm president and financial services head quits ahead of IPO: sources
Amit Nayyar worked at Paytm for nearly two years, and led the fintech giant's foray into verticals such as lending, wealth management, stock broking, and insurance, among others.
IPO-bound Paytm's president and head of its financial services division Amit Nayyar has resigned from the company, a source familiar with the matter told YourStory.
According to media reports, the homegrown fintech giant also saw its chief human resource officer (CHRO) Rohit Thakur exit last month.
"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 Noida-based startup's official statement on the matter said.
Their replacements haven't been announced yet.
Amit had been serving on the board of several of Paytm's flagship properties, including Paytm Money, insurance broking, financial services, insuretech and Urja Money. He was also responsible for leadership hiring, Paytm's M&A and leading strategic partnerships for the firm.
His previous stints include Goldman Sachs where he was the Co-chief operating officer for investment banking, and BofA where he was vice president.
Ahead of its initial public offering sometime in November, Paytm has also been rejigging its Board. It has replaced all Chinese nationals on its board with US and Indian citizens, its regulatory filings show.
Alipay's Jing Xiandong, Ant Financial's Guoming Cheng, and Alibaba's Michael Yuen Jen Yao and Ting Hong Kenny Ho, have all ceased to hold directorship of Paytm. On behalf of Ant Group, Douglas Feagin has joined.
Alibaba's Ant Group owns a 29.7 percent stake in the startup, while Softbank Vision Fund holds 19.63 percent. Elevation Capital (earlier SAIF Partners) and Paytm Founder Vijay Shekhar Sharma hold 18.6 percent and 14.7 percent, respectively.
Todd Anthony Combs from Berkshire Hathaway, which owns less than a 10 percent stake in the startup, as well as SoftBank's Vikas Agnihotri also joined the board.
Paytm is expected to file its red herring prospectus outlining its IPO plans next week.
Edited by Saheli Sen Gupta