SoftBank Executive Munish Varma To Step Down From Paytm Board
- ByStartupStory | March 15, 2022
The managing partner of SoftBank, Munish Varma, is stepping down from the boards of Paytm and PolicyBazaar.
With its global strategy, theJapanese investor SoftBank’s action is consistent as it stands down after companies in its portfolio get public from board positions. SoftBank will however continue to act as an investor and will also hold stake in both the companies.
PolicyBazaar is an insurance aggregator, founded in 2008 by Yashish Dahiya, Alok Bansal and Avaneesh Nirja. Policybazaar.com is an online platform that offers a wide range of insurance policies to the customers.
Paytm was founded by Vijay Shekhar Sharma in the year 2010. It is a digital payment application that enables customers to make hassle-free online transactions. Paytm and Paytm Payments Bank are the sub-brands housed by it.
More than $10 Bn has been infused until now by SoftBank in Indian new age companies. Being the largest companies in SoftBank’s portfolio, Paytm and PolicyBazaar went public in 2021.
In the last few months, the move came in after both the stocks had been hit badly.
In a series of events, a joint venture of Paytm, Paytm Payments Bank, and Vijay Shekhar Sharma, has also been barred recently from adding new customers to its servers. The move has reportedly been taken forward in order to punish Paytm Payments Bank, the fintech giant’s arm for violating ‘Storage of Payment System Data’ law.
It was surfaced that Paytm Payments Bank’s servers were sharing information with the China-based entities during the annual inspections led by RBI who indirectly hold a share in the company.
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