Chinese Nationals Representing Key Investor Ant Group Step Down Before Paytm IPO
- ByStartupStory | July 7, 2021
Chinese nationals representing key investor Ant Group step down before Paytm IPO. While Ant Group continues to have a representative on board, Paytm has inducted Ashit Lilani, the managing partner of Saama Capital, to its board as an independent director. Existing members Michael Yuen Jen of Alibaba and Todd Anthony Combs of Berkshire Hathaway have stepped down from the board.“Some of these changes are on account of Paytm’s rotational retirement policy,” said a person familiar with the development. Further adding that, Paytm now has no Chinese national on its board.
SoftBank Vision Fund’s Vikas Agnihotri has joined in as an alternate director, the filings mentioned. Alibaba representatives Michael Yuen Jen Yao (a US national) and Ting Hong Kenny Ho (a Chinese citizen) have ceased to be directors of the company. Paytm shareholders include Alibaba’s Ant Group (29.71%), SoftBank Vision Fund (19.63%), SAIF Partners (18.56%) and Vijay Shekhar Sharma (14.67%). AGH Holding, T. Rowe Price, Discovery Capital and Berkshire Hathaway hold less than 10% stake each in the company. The development comes at a time when Paytm is gearing up for public listing.
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