Paytm has reshuffled its board ahead of its upcoming IPO. The move saw the fintech remove 11 Chinese nationals from its board and replaced them with US and Indian nationals. Currently, no Chinese nationals are sitting on the company's board. Big names from Alipay, Ant financials and Alibaba have been replaced. This includes Jing Xiandong from Alipay, Guoming Cheng from Ant Financials.
Saama Capital's Ashit Ranjit Lilani and SoftBank representative Vikas Agnihotri have joined the digital payments firm's board of directors with Douglas Feagin, a US citizen, taking the board representative position for Ant Group.
Paytm will debut the stock exchange market via a $2.3 billion initial public offerings (IPO) by the end of the year. The company's valuation is expected to peak within the range of $25 to $35 billion after its debut later this year. Paytm's value stood at $16 billion in 2019, following a $1 billion investment from Softbank and Ant financials.
The duo of SoftBank Vision Fund and Ant Financials is part of the major shareholders in the company, with both having a share of 19.63 and 29.71 per cent, respectively. Other major shareholders include SAIF partner (18.56) and Vijay Shekhar Sharma (14.67). At the same time, GH Holding, T Rowe Price, Discovery Capital and Berkshire Hathaway constitute the minority shareholders, with each holding a less than 10 per cent stake in the company.
The company reported a revenue of Rs 3,186.60 crore for FY21 while also cutting its losses in FY21 to Rs 1,701 crore. This is a 42 per cent reduction in company losses as FY20 recorded Rs 2,942.36 in losses. The annual revenue has also seen a significant increase in the fiscal year of up to Rs 2,100 crore.
India in focus
GDP: $2.262 trillion compared to $2.871 trillion in 2019
Population: 1.38 billion in 2020 compared to 1.366 billion in 2019
GDP per capita: $1,900 in 2020 compared to $2,100 in 2019
