Paytm promotes founder's brother Ajay Shekhar Sharma to CBO ahead of IPO 

While the company did not comment on this escalation, as per Sharma's LinkedIn page he is the chief business officer of Paytm since August.

He will be functioning as the CBO of cloud business of One97 Communications which provides cloud services to telecom companies and enterprises.

Earlier he was Senior Vice President of the online payments company.This is an interesting development which shows how his role has expanded in the company.

Earlier in the draft IPO filing also he was mentioned as a relative of the founder who owned interest in the voting power of that group that gave them "control" or "significant influence".

Paytm, which is targeting an initial public offering (IPO) of Rs 16,600 crore, offers payment, commerce and cloud and financial services to 333 million consumers and over 21 million merchants.

If successful, Paytm's IPO will be India's biggest public issue so far, a record that was previously held by Coal India, which raised Rs 15,000 crore over a decade ago, underscoring the appetite for new-age Internet companies among institutional investors.