Paytm reappoints Vijay Shekhar Sharma as managing director and CEO

By

Isabelle Crossley

Published
May 23, 2022

Paytm has reappointed its founder Vijay Shekhar Sharma as its managing director and chief executive officer, the business announced to the stock exchanges on May 21. 

The digital payments giant had chosen to reappoint Sharma for a period of five years, beginning from December 19, 2022, ET Bureau reported. The business also announced that it had appointed its chief financial officer Madhur Deora as an additional director of the company with effect from May 20. Deora’s appointment is also for five years. 
 
As well as announcing its appointments, Paytm announced in a separate filing that its parent company One 97 Communication’s board of directors had given the go ahead to an investment of up to Rs 950 crore in Paytm General Insurance Limited. The investment will be made gradually over a period of 10 years and, following the investment, Paytm General Insurance will become a subsidiary of the business. 

For the fourth quarter of the 2022 financial year, Paytm saw its loss increase to Rs 761.4 crore, up from Rs 441.8 crore in the fourth quarter of the 2021 financial year. However, the business stated on Friday that its Monthly Transacting Users, unique users completing at least one payment a month, has increased by 41% year-on-year.