Vikas Agnihotri of Softbank Vision Fund has joined Paytm's board as an alternate director. Michael Yuen Jen of Alibaba and Todd Anthony Combs of Berkshire Hathaway have left the board, according to regulatory filings accessed by ET earlier last week. Meanwhile, Ashit Lilani, the managing partner of Saama Capital, an early backer of Paytm, has also joined the company board as an independent director. IPO-bound Paytm has also made several changes to its board of directors recently.ĭouglas Lehman Feagin, senior vice president at Ant Group has joined the board as an additional director, replacing Chinese national Eric Xiandong Jing, the chief executive of fintech conglomerate Ant Group. SoftBank holds 18.73%, while Elevation Capital (formerly SAIF Partners) has a 17.65% stake. The startup, which is backed by China’s Alibaba and Japan’s SoftBank, is currently valued at $16 billion.Īnt Group and Alibaba own nearly 38% of One97 Communications, Paytm’s parent entity. The company is seeking a valuation in the range of $24-$30 billion, according to sources. They also approved other resolutions aimed towards preparing the firm for the IPO such as finalising the ‘Articles of Association’ as well as changes to its Employee Stock Options Plans as per regulatory norms, the sources added.ĮT reported last week that Paytm’s IPO will be worth around Rs 16,600 crore (about $2.23 billion) and that the Noida-based fintech firm is likely to file a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) soon after its extraordinary general meeting (EGM).
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