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Indian fintech pioneer Paytm in an exchange filing informed about the resignation of Non-Executive Director Douglas Feagin from its Board. Feagin is the senior vice-president of the Ant Group, and had joined One97 Communications (OCL)'s Board in July, 2021, at the request of the nominating shareholder.
In his letter to Paytm, he wrote, "Paytm's journey to achieving profitable financial services of scale in India has been inspiring. In recognition of the company's growth as a publicly-listed company and the maturity of the business, at the request of the nominating shareholder, I hereby resign from my position as a director on the Board of Directors of Paytm." Feagin added that he remains confident in Paytm's management team and wishes for their continued success. Paytm is expected to share its third quarter or December quarter (Q3FY23) earnings on Friday, where analysts expect the company to announce strong revenue growth with reduction in adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) losses. In December 22, Paytm disbursed loans worth Rs 3,665 crore (USD 443 million) in the given period, growing 330 per cent on-year. The fintech company added one million payment devices during the quarter and the number of merchants paying subscription for payment devices touched 5.8 million as of December 2022, according to data available. The company's consumer engagement was at its highest on the Paytm Super App with average monthly transacting users at 85 million for the quarter ended December 2022, up 32 per cent year-on-year. Paytm also posted consistent growth in total merchant payments volume as the total merchant GMV (gross merchandise volume) aggregated to Rs 3.46 lakh crore (USD 42 billion) for the quarter ended December 2022, marking a year-on-year growth of 38 per cent. (ANI)
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