Paytm founder and the Chief Executive Officer (CEO) Vijay Shekhar Sharma's brother, Ajay Shekhar Sharma has been promoted as the Chief Business Officer (CBO) of the digital payments giant ahead of its USD 2.2 billion initial public offering (IPO).
According to the Ajay Shekhar Sharma's LinkedIn profile, he has been the CBO of marketing cloud business at Paytm since August this year.
Paytm’s cloud business offers cloud services to telecom firms and enterprises.
Ajay Shekhar Sharma has been associated with the digital payments giant for more than a decade.
He kickstarted his journey as a manager of sales and served as the Senior Vice President of Paytm before being promoted last month.
In the intial paperwork for Paytm’s USD 2.2 billion IPO, Ajay Shekhar Sharma was mentioned as a relative of the founder and CEO of Paytm, who owned interest in the voting power of the company.
This gave him “control” and “significant influence” in the digital payments company.
One 97 Communications which is Paytm’s parent company started 21 years ago as a payments company and then went to add a payments bank, trading platform, online retail and games into its business .
The company is now looking forward to raise USD 2.2 billion through its IPO and has reportedly at a valuation of USD 25-30 billion.
The payments company based in Noida had reported a integrated revenue of rupees 3,186.8 crore in FY 2021 which was roughly a rupees 353 crore reduction from the revenue reported in FY 2020.
Paytm also cut its losses to rupees 1,701 crore in FY 2021 as compared to rupees 2,942 crore that was reported in FY 2020.