News Update

Paytm appoints financial services veteran GS Sundararajan to its Board

• ByStartupStory     |    August 29, 2022

One97 Communications Ltd., which operates digital payments business Paytm, has named financial industry veteran GS Sundararajan to its board of directors, according to a stock exchange filing. Sundararajan has been appointed for a five-year term that will end on August 27, 2027. Sundararajan was previously the group director of Shriram Group, as well as the CEO and managing director of Fullerton India Credit Firm Ltd., a registered non-banking finance company that serves retail and commercial mass-market consumers.

Sundararajan was the MD of Citibank India’s small and medium enterprises (SME) and asset-based lending business before joining Fullerton. Paytm also confirmed the retirement of long-time independent director Mark Schwartz at the end of his tenure. In October 2016, Paytm appointed former Goldman Sachs Asia Pacific region chairman Schwartz to its board.

“Working with Mark for the past five years has given me a buddy, mentor, and advisor with an exceptional understanding of how firms may grow and scale. I’d want to express my appreciation and thank Mark for his help throughout the years. I’d also like to use this occasion to welcome to our board GS Sundararajan, a respected leader in the banking and finance industries “Paytm’s founder and CEO, Vijay Shekhar Sharma, made a statement.

The changes to Paytm’s board came after shareholders accepted a resolution last week to re-appoint founder Sharma as the company’s managing director for five years, from December 19, 2022, to December 18, 2027. Other resolutions approved by shareholders included Sharma’s remuneration for the next three fiscal years; the reappointment of Madhur Deora as executive director, president, and chief financial officer (CFO) of the company; and the reappointment of Elevation Capital’s co-managing partner, Ravi Adusumalli, as a company director.

“Paytm is a household name in India and a pioneer in the digital payments market. As it harnesses its digital reach to foster financial inclusion, the company’s trajectory toward becoming a financial services behemoth is extraordinary. I’m excited to be working with Paytm and Vijay, a brilliant entrepreneur,” GS Sundararajan stated. Paytm’s stock price finished at Rs 761.85 a share on Friday, down 0.8% from the previous closing.

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