Paytm has promoted senior vice presidents to chief business officers (CBOs) in the run-up to its initial public offering (IPO). Paytm Promotes Ajay Shekhar Sharma and Senior VP’s Ripunjai Gaur, and Abhay Sharma.
While the company has not commented on the situation, Sharma has been the chief business officer of Paytm since August, according to his LinkedIn page.
He will be the CBO of One97 Communications’ cloud business, which provides cloud services to telecom providers and corporations.
Paytm has not issued an official remark in response to the recent news.
He was previously the company’s Senior Vice President of Online Payments. This is a fascinating development that demonstrates how his involvement in the organisation has grown.
He was also named earlier in the draught IPO filing as a relative of the founder who possessed an interest in the voting power of that group, giving him “control” or “substantial influence.”
A CBO’s role in the organisation is comparable to that of a vertical’s business head and the responsibilities of the four appointed as CBO in the company are expected to grow.
Paytm recently distributed shares to 166 former and present employees in advance of its public offering.
According to the company’s filings with the Ministry of Corporate Affairs, these individuals have been allocated more than 1.01 million shares.
According to media reports, One97 Communications Limited, the parent company of digital payments behemoth Paytm, is in talks with five banks to provide loans worth around Rs 100 crore to employees who convert their Esop grants into company shares.
Paytm’s last market capitalization stood at Rs 12 lakh crore. Paytm’s revenue fell 11% to Rs 3,187 crore in FY 2020-21. However, the Noida-based firm was able to reduce its losses by 42% to Rs 1,701 crore.
Paytm’s draft prospectus is now pending approval from the Securities and Exchange Board of India, with an IPO target of Rs 16,600 crore. In November of this year, the company is anticipated to launch its IPO, which is believed to be the country’s largest.
Coal India had previously raised Rs 15,000 crore through its IPO.
Paytm, which seeks to raise Rs 16,600 crore in an IPO and offers 333 million clients and over 21 million merchants payment, commerce, cloud, and financial services.
If successful, Paytm’s IPO will be India’s largest public offering to date, surpassing Coal India’s Rs 15,000 crore IPO more than a decade ago, illustrating institutional investors’ appetite for new-age Internet businesses.
