This includes Amit Nayyar, the president of Paytm, who has tendered resignation, two sources aware of the matter said.
The Noida-based firm’s chief HR officer Rohit Thakur has also put in his papers, the sources added.
Nayyar, a former Goldman Sachs executive, came on board in 2019 to build the startup’s financial services arm and has been instrumental in propelling its insurance and lending verticals.
“The timing of Nayyar leaving Paytm (ahead of the IPO) is intriguing given that he came in as President. Only Madhur Deora now has the President tag in the company,” one source directly aware of the matter said.
Thakur, who joined the company in December 2019, finished serving his notice period and quit the company in the first week of June.
Nayyar and Thakur were from the new crop of leaders that Paytm hired after some senior executives from the older lot left the company about a year ago.
“As a company, we do not comment on personnel changes. We have built an incredible management team with some of the most reputed names in the industry, who are focused on driving growth at Paytm,” the company said in response to ET’s email.
Thakur was previously the HR head at Accenture. He has also held leadership positions at Microsoft and GE.
Paytm has yet to find a replacement for him, another person aware of the matter, who did not wish to be named, said.
“Rohit was relatively new in the organisation. Managing HR in a large organisation like Paytm, especially in the run up to the IPO could be challenging,” the source added.
According to a source, three other vice presidents at Paytm have also exited. ET could not independently verify the names of these executives.
Several senior executives, including the head of Paytm First, Paytm Money’s CEO and Paytm Mall’s chief financial officer quit the company about a year ago.
Since then, there has been only one major exit in February this year, its head of marketing, Jaskaran Singh Kapany.
Paytm in its last board meeting also made several changes to its board of directors, ET reported.
Douglas Lehman Feagin, senior vice president at Ant Group has joined the board as an additional director, replacing Eric Xiandong Jing, the chief executive of China’s largest fintech conglomerate Ant Group.
Meanwhile, Ashit Lilani, the managing partner of Saama Capital, has also joined the Board as an independent director, while members Michael Yuen Jen of Alibaba and Todd Anthony Combs of Berkshire Hathaway have left, according to regulatory filings accessed by ET.
Vikas Agnihotri of Softbank Vision Fund has joined Paytm’s board as an alternate director.
Ting Hong Kenny Ho and Guoming Cheng of the Alibaba Group who held the positions of alternate director have also seen their terms expire, according to filings.
ET reported on Monday that Paytm’s IPO will be worth around Rs 16,600 crore (about $2.23 billion) and the Noida-based fintech firm is likely to file a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) soon after its extraordinary general meeting (EGM) on July 12.
The company is seeking a valuation in the range of $24-$30 billion.
The fintech startup, which is backed by China’s Alibaba and Japan’s SoftBank, is currently valued at $16 billion.
Ant Group and Alibaba own nearly 38% of One97 Communications, Paytm’s parent entity.
SoftBank holds 18.73%, while Elevation Capital (formerly SAIF Partners) has a 17.65% stake.