Paytm parent One 97 Communications appoints SoftBank’s Kabir Misra as director
Kabir Misra’s appointment at One 97 Communications board comes after the SoftBank pumped in $1.4 billion in Paytm in May this year
New Delhi: One 97 Communications, the entity that runs financial services platform Paytm, has appointed SoftBank’s Kabir Misra as a director on its board, according to the company’s regulatory filings.
As per the filing to the corporate affairs ministry, Misra was appointed as an additional director in a resolution passed at the company’s board meeting on 7 November.
“...Kabir Misra is hereby appointed as an additional director on the board with immediate effect to hold the office as director of the company till the ensuing annual general meeting of the company,” it said.
Paytm declined to comment on the development.
The move comes after Japanese conglomerate SoftBank pumped in $1.4 billion (over Rs9,079 crore) in Paytm in May this year.
At that time, the investment in Paytm was Softbank’s largest investment in a single company in India. While both the companies had declined to comment on the valuation, market watchers had pegged Paytm’s valuation at about $8 billion.
Paytm offers payments, banking, lending and insurance solutions.
Founded by Vijay Shekhar Sharma, the company is headquartered in Noida. Apart from SoftBank, the company’s investors include the likes of SAIF Partners and Chinese giant Alibaba Group and its payments affiliate, Ant Financial.
- Kotak Mahindra Bank reports 12% rise in profit, but misses estimates
- RBL Bank Q1 net profit rises 35% to Rs 190 crore
- News In Numbers: Google fined $5 billion in Android antitrust case
- We are driven by India opportunity, not South Bombay opportunity: Milind Barve
- PE firms emerge as source of capital for late-stage start-ups
Editor's Picks »
- Market optimism before 2019 general election: History may not repeat itself
- UltraTech Cement: No respite from cost pressures
- Mindtree sees strong revenues but client concentration remains high
- Bandhan Bank’s share defies gravity as growth story is intact
- Fund managers slashing allocations to equities in emerging markets, shows BAML survey