Paytm Update: Douglas Fagin Resigns as Non-Executive, Non-Independent Director

Paytm Fagin’s resignation letter

Dear Directors,

Thank you for the opportunity to serve together on the Board of One 97 Communications Limited (“Paytm”) over the past year. Paytm’s journey in achieving profitable financial services at scale in India has been inspiring. In recognition of the company’s growth as a publicly listed company and the maturity of the business, at the request of the Nominee Shareholder, I hereby resign from my position as Director on the Board of Directors of Paytm.

I have full confidence in the management team of Paytm and wish them continued success.

In other news, Paytm is expected to be a major beneficiary of India’s latest is i Incentive plan, brokerage and global said Investment Firm Morgan Stanley.

“Apart from banks, Paytm should be a major beneficiary of the above (scheme). On our estimates, Paytm will receive 5-7 per cent of the FY22 stimulus, and assuming equal share for FY23, it will represent 3-5 per cent. per cent of our contribution profit estimate (1 per cent higher than what we had estimated earlier for FY2023),” the brokerage firm also noted.