Paytm non-independent director Douglas Feagin resigns

Feagin tendered his resignation vide letter dated 2 February 2023.

One 97 Communications (Paytm) informed that its non-executive, non-independent director, Douglas Feagin, tendered his resignation vide letter dated 2 February 2023, with immediate effect.

"In recognition of the company's growth as a publicly listed company and the maturity of the business, at the request of the nominating shareholder, I hereby resign from my position as a director on the Board of Directors of Paytm," Feagin stated in his resignation letter.

Paytm is India's payment Super App offering consumers and merchants most comprehensive payment services. Pioneer of the mobile QR payments revolution in India, Paytm's mission is to bring half a billion Indians into the mainstream economy through technology-led financial services. Paytm enables commerce for small merchants and distributes various financial services offerings to its consumers and merchants in partnership with financial institutions.

Paytm board will consider Q3 results on 3 February 2023.

On a consolidated basis, One 97 Communications' revenue surged 76.2% to Rs 1914 crore in Q2 September 2022 over Q2 September 2021. The revenue was driven by increase in merchant subscription revenues, growth in bill payments due to growing MTUs (monthly transacting users) and growth in disbursements of loans through platform. However, the company's consolidated loss widened to Rs 571.10 crore in Q1 June 2022 from net loss of Rs 472.90 crore a year ago.

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