Technology

Vijay Shekhar Sharma reappointed MD and CEO of Paytm for five years


New Delhi: Digital payments major on Saturday reappointed Vijay Shekhar Sharma as managing director and chief executive officer for a tenure of five years from December 19, 2022 to December 18, 2027, the company informed the BSE.

The company also informed the exchanges that Madhur Deora has been appointed as whole-time director and chief financial officer of the company for five years.

Deora has been associated with the company since October 2016.

One97 Communications, which runs the digital payments brand Paytm, on Friday reported a consolidated loss of Rs 2,396.4 crore for fiscal year 2022, about 41% wider than the previous year’s Rs 1,701 crore.

Consolidated revenue for the year ended March 31 grew 65% to Rs 5,264.3 crore from Rs 3,186.8 crore in FY21, as per filings made with stock exchanges on Friday evening.

For the fiscal fourth quarter, its consolidated loss widened to Rs 762.5 crore from Rs 444.4 crore a year earlier. Revenue for January-March rose 81% to Rs 1,648.4 crore, driven by growth in gross merchandise value processed from its payment instruments, as well as an increase in loan disbursals.

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The company also informed the exchanges that the board in their meeting held on May 20, 2022, has approved the proposal to invest an amount of up to Rs 950 crore (“proposed transaction”) in Paytm General Insurance Limited in tranches, over a period of 10 years and to hold an upfront equity stake of 74%.

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