Vijay Shekhar Sharma Reappointed MD & CEO Of Paytm

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Read Today's Paper Vijay Shekhar Sharma reappointed MD & CEO of PaytmSECTIONSVijay Shekhar Sharma reappointed MD & CEO of PaytmET OnlineLast Updated: May 21, 2022, 03:50:00 PM ISTRate StoryWhatsapp Follow ChannelFollow usShareFont SizeAbcSmallAbcMediumAbcLargeSavePrintCommentSynopsis

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.

One97 Communications files updated shareholding with Indian stock exchangesAgencies
Paytm founder and CEO Vijay Shekhar Sharma
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.

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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.Growfast
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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.Nominations for ET MSME Awards are now open. The last day to apply is December 31, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award.(You can now subscribe to our Economic Times WhatsApp channel)

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