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Dec 05, 2017 10:18 PM IST | Source: PTI

One97 Communications appoints SoftBank's Kabir Misra as director

As per the filing to the Corporate Affairs Ministry, Misra was appointed as an additional director in a resolution passed at the company's board meeting on November 7.

Paytm In May this year, SoftBank completed its then biggest investment in India when it pumped USD 1.4 billion in Paytm. Paytm is the largest e-wallet service in the country and has been expanding into e-commerce and payments banking.
Paytm In May this year, SoftBank completed its then biggest investment in India when it pumped USD 1.4 billion in Paytm. Paytm is the largest e-wallet service in the country and has been expanding into e-commerce and payments banking.

One 97 Communications, the entity that runs financial services platform Paytm, has appointed SoftBank's Kabir Misra as a director on its board, according to the company's regulatory filings.

As per the filing to the Corporate Affairs Ministry, Misra was appointed as an additional director in a resolution passed at the company's board meeting on November 7.

"...Kabir Misra is hereby appointed as an additional director on the board with immediate effect to hold the office as director of the company till the ensuing annual general meeting of the company," it said.

Paytm declined to comment on the development.

The move comes after Japanese conglomerate SoftBank pumped in USD 1.4 billion (over Rs 9,079 crore) in Paytm in May this year.

At that time, the investment in Paytm was Softbank's largest investment in a single company in India.

While both the companies had declined to comment on the valuation, market watchers had pegged Paytm's valuation at about USD 8 billion.

Paytm offers payments, banking, lending and insurance solutions. Founded by Vijay Shekhar Sharma, the company is headquartered in Noida.

Apart from SoftBank, the company's investors include the likes of SAIF Partners and Chinese giant Alibaba Group and its payments affiliate, Ant Financial.

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