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Two top executives call it quits at IPO-bound Paytm – Mint

Bengaluru: Two senior executives have exited Paytm, said two people aware of the matter, joining several other top management personnel who have left the digital payments firm in the past two years.

The latest departures come ahead of an expected filing of a draft prospectus next week by Paytm for a domestic public listing.

Amit Nayyar, president at Paytm, who was heading the financial services division at the Noida-based startup, resigned last month, the people cited above said, requesting anonymity.

Nayyar joined Paytm in August 2019 and has been overseeing the lending, insurance distribution, wealth management and stock broking business. Nayyar was hired from client advisory firm, Arpwood Capital, where he was the managing director and led the mergers and acquisitions practice.

Paytm’s board has accepted Nayyar’s resignation, said the second person cited above.

Last month, chief human resources officer Rohit Thakur also exited the company, after an 18-month stint.

Nayyar and Thakur aren’t the only executives who have exited Paytm this year. In February, Jaskaran Singh Kapany, Paytm’s head of marketing left the company after a nearly six-year stint, and joined Xiaomi India as its chief marketing officer. Currently, Abhinav Kumar, vice president of marketing at Paytm, is heading the marketing function.

“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,” said a Paytm spokesperson in response to queries from Mint.

Earlier this month, Paytm’s parent, One97 Communications Ltd, reshuffled its board ahead of the planned public offering replacing Chinese nationals with Indian and US nationals. Douglas Lehman Feagin, senior vice president, at Ant Group, has joined Paytm’s board, replacing Ant Group chairman and chief executive officer, Jing Xiandong.

Ash Lilani, managing partner at Saama Capital, was appointed as an independent director while Michael Yuen Jen Yao from Alibaba Group Holding Ltd and Todd Anthony Combs, investment manager at Berkshire Hathaway, retired by rotation from the board.

In 2019, Paytm saw a series of exits across its leadership team. It included the former senior vice president of product, Deepak Abbot, and former head of lending business, Nitin Misra, who left the company to start digital gold services platform, Indiagold. Amit Sinha, former head of Paytm Mall, and Kiran Vasireddy, former chief operating officer of Paytm, also quit the firm in 2019. In April 2020, Pravin Jadhav, managing director of Paytm’s wealth management business, Paytm Money, left due to growing differences with the company’s management.

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