Mark Schwartz of Goldman Sachs Asia-Pacific joins Paytm board
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New Delhi: Mark Schwartz, chairman of Goldman Sachs Asia-Pacific, has joined the board of One97 Communications Ltd, which runs online payments and e-commerce website Paytm.
“He (Schwartz) has played a critical role in building leading businesses in the Asia Pacific region and across the world. I am confident Mark’s insights would offer excellent leadership for Paytm as we work towards bringing half a billion Indians to the mainstream economy,” said Vijay Shekhar Sharma, chief executive officer, Paytm.
Currently based in Beijing, Schwartz, is also the vice-chairman of the US-based Goldman Sachs Group. He has over 27 years of experience in Goldman Sachs, having joined the firm’s investment banking department in 1979.
“He (Schwartz) played a major role in helping Alibaba founder Jack Ma and executive vice chairman Joseph Tsai with Alibaba’s $25 billion IPO in New York in 2014,” the company said in a statement.
In September last year, Mint reported that Ant Financial and Alibaba had together committed to invest less than $1 billion in Paytm.
This amount includes the $575 million which was committed to Paytm in February 2015. Out of the $575 million, Ant Financial has till now pumped in $200 million for a 25.88% stake (bit.ly/1L1BrLy).
Schwartz will be the 12th member on the board of One97, after announcing Amit Singhal, the former head of Google Search, as the 11th member joining the board on 20 October.