Anuj Mittal appointed VP of Investor Relations at Paytm, will report to CFO
Fintech major Paytm has appointed Anuj Mittal as vice president of investor relations, according to a source familiar with the developments. Mittal would report directly to Paytm chairman and group chief financial officer Madhur Deora.
This comes at a time when Paytm shares have been bludgeoned, in line with the fate of many other tech stocks around the world. Shares of the fintech company were trading at Rs 538 at press time on Tuesday, losing about three quarters in value after a successful initial public offering at Rs 2,150 each in November last year.
Some of Mittal’s areas of expertise are investor relations, strategy, mergers and acquisitions, financial risk management, credit underwriting and treasury sales. In his role, Mittal is expected to lead corporate-investor relations for the company, acting as a liaison between management and investors.
Business Standard has contacted the company for comment on the nomination and this story will be updated when the company’s response is received.
According to his LinkedIn profile, he joined Paytm from L&T Financial Services where he served as head of strategy and investor relations. He has also held executive positions in some of the most reputable financial services companies, including JP Morgan, Standard Chartered Bank and Piramal Capital. He has nearly 19 years of experience in the financial services industry and spent a decade in leadership roles.
Paytm has faced ire from analysts who questioned its revenue from loan disbursements and a dispersed business model between cloud services, games and e-commerce, among others.
During the December quarter, Paytm saw revenue increase by 89% to Rs 1,456 crore on an annual basis, while net loss widened by 45% to Rs 778 crore.
However, the company said its contribution profit (defined as operating revenue less payment processing fees, promotional cashback and incentives and other direct costs) improved to 31.2%. revenue in Q3FY22, compared to 8.9% in Q3FY21.
One of India’s leading fintech companies, Paytm’s lending activity reached 4.1 million loan disbursements in the first two months of the March quarter (449% year-on-year growth), with around 2. 2 million loans disbursed in February 2022. This represents a total loan value of Rs 2,095 crore (YOY growth of 366%).