Paytm founder Vijay Shekhar Sharma has been re-appointed as the Managing Director & Chief Executive Officer of the fintech company, the company informed the exchanges on Saturday.
Sharma has been reappointed to the post for a period of five years with effect from December 19, 2022.
In the same notification, the company also informed that Madhur Deora, the Chief Financial Officer of the company, has been appointed as an Additional Director w.e.f. May 20, 2022 for a period of five years.
In a separate release, the company said that the Board of Directors of One 97 Communications in a meeting on Friday approved the proposal to invest up to Rs 950 crore in Paytm General Insurance Limited (PGIL) in tranches, over a period of 10 years and to hold upfront equity stake of 74%. Post this investment, PGIL will become a subsidiary of the company.
The company reported its March quarter results on Friday. Its net loss widened to Rs 761.4 crore compared to Rs 441.8 crore in the same quarter last year.
The company’s average Monthly Transacting Users (MTU), i.e., the number of unique users with at least one successful payments transaction in a month) has grown by 41 per cent YoY to 7.09 crore, it said in a statement.
The company said all lending offerings have scaled up significantly over the last year, seeing increased adoption by users. The number of loans at 6.5 million, grew 374% YoY.
Contribution profit (defined as revenue from operations less direct costs) improved to 35% of revenue in the quarter from 21.4% in Q4 FY2021.