Alibaba- backed Ant Group’s elderly vice chairman Douglas Feagin has stepped down from his position as a non-executive, non-independent director of Paytm, the fintech mammoth said in an exchange form on Friday. Paytm’s trip to achieving profitable fiscal services of scale in India has been inspiring. In his letter to Paytm, he wrote, “Paytm’s trip to achieving profitable fiscal services of scale in India has been inspiring.
In recognition of the company’s growth as a intimately- listed company and the maturity of the business, at the request of the nominating shareholder, I hereby abdicate from my position as a director on the Board of Directors of Paytm”. Feagin added that he remains confident in Paytm’s operation platoon and wishes for their uninterrupted success. The fintech company added one million payment bias during the quarter and the number of merchandisers paying subscription for payment bias touched 5.8 million as of December 2022, according to data available. The company’s consumer engagement was at its loftiest on the Paytm Super App with average yearly transacting druggies at 85 million for the quarter ended December 2022, up 32 percent time- on- time. For the December quarter, its total disbursements jumped 357 to Rs 958 crore.
Yearly transacting druggies jumped 32 to 85 million in December from 65 million a time before. Gross wares value reused through the platform increased 38 time- on- time in December to Rs 3.64 lakh crore. Paytm stocks were trading 1.37 lower at Rs 538.40 all in early trading Friday, while the broader Nifty and Sensex indicators were hardly advanced. Alibaba Group last month vended around 3 stake in Paytm for Rs 1,031 crore through a block deal. Its chapter AntFinancial, still, didn’t amend its stake in Paytm and continues to hold around 25% stake in the company. Alibaba held a 6.26 stake in the establishment as of September 2022.