In the run-up to its initial public offering (IPO), Paytm has elevated four company officials, including founder Vijay Shekhar Sharma's brother Ajay Shekhar Sharma, Ripunjai Gaur, and Abhay Sharma as chief business officers (CBOs) from senior vice president positions.
Paytm has not released an official statement in connection with the recent development.
The position of a CBO in the company is equivalent to that of a business head of a vertical. The roles of these four individuals are likely to expand in the company.
Recently, Paytm had also allotted shares to 166 former and current employees ahead of its public listing. According to the company’s filings with the Ministry of Corporate Affairs, more than 1.01 million shares have been allotted to these people.
According to media reports, One97 Communications Limited, the parent company of digital payments giant Paytm, is also in talks with five banks to enable loans of around Rs 100 crore for the employees converting Esop grants into the company’s shares.
Paytm, which is targeting an IPO of Rs 16,600 crore, is currently awaiting approval from the Securities and Exchange Board of India for its draft prospectus. The company is likely to roll out its IPO — expected to become the country’s biggest initial share sale — in November this year.
Before this, Coal India raised Rs 15,000 crore through its initial share sale.
Paytm was last valued at Rs 12 lakh crore. In FY 2020-21, Paytm’s revenue shrank 11 percent to Rs 3,187 crore. However, the Noida-based company managed to cut losses by 42 percent to Rs 1,701 crore.