Paytm rejigs top deck ahead of IPO, Ant Group’s Douglas Lehman joins board
A Sadhu or a Hindu holy man pays the vendor through Paytm, a digital wallet company, after buying a book during the annual religious festival of Magh Mela in Allahabad, India, January 26, 2017. REUTERS/Jitendra Prakash
July 7, 2021
One97 Communications Ltd., which operates the Paytm brand has reshuffled its board of directors, as the company targets to float its initial public offering (IPO), worth $2.2 billion-$3 billion, later this year.
Douglas Lehman Feagin, senior vice president, at Ant Group has joined Paytm’s board replacing Ant Group chairman and chief executive officer, Jing Xiandong (Eric). Xiandong has tendered his resignation from the board of One97 Communications, according to company filings with the registrar of companies (ROC).
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China’s State Council issued a sweeping warning to China’s biggest companies, vowing to tighten oversight of data security and overseas listings. That announcement followed the opening of a security review by China’s internet regulator last week and a demand for app stores to remove Didi.
Didi’s American depositary shares fell 20% to $12.49, wiping out about $15 billion of market value and taking the stock below the $14 price from its initial public offering. Beijing-based Didi controls almost the entire ride-hailing market in China and raised $4.4 billion last week in the second-largest U.S. IPO for a Chinese firm.
The State Council’s broadside marked an escalation in President Xi Jinping’s campaign to bring the nation’s technology firms and their reams of valuable data under control. Over the weekend, China also moved against two other companies that also recently listed in New York, Full Truck Alliance Co. and Kanzhun Ltd., Ltd.
Ahead of Paytm s $3 billion initial public offering, Neeraj Arora, the former WhatsApp global business head, is likely to rejoin the company s board, according to multiple sources close to the development. Arora, widely credited with the structuring of the Facebook and WhatsApp deal, was on the Paytm Board from 2015-2018. At the time Arora quit the Paytm Board in February 2018, it was believed the reason was Paytm founder Vijay Shekhar Sharma s comments over regulatory manipulation of WhatsApp in the unified payments interface (UPI) space. In November the same year, Arora quit WhatsApp to spend time with family . He is an advisor to Venture Highway, an early-stage venture capital firm.