New Delhi: Representative of softbank Group Corp to step down from board of digital payments firm Paytm and the parent of online insurance aggregators Policybazaar IndiaA person with direct knowledge of the matter said.
The decision is part of SoftBank’s global strategy to step down from the boards of most listed portfolio companies, the source said, adding that the Japanese tech conglomerate expects to be left with fewer regulatory issues to deal with.
However, SoftBank will retain its stake in the two companies, said the source, who spoke on condition of anonymity as the matter has not been made public yet.
SoftBank, Paytm and PolicyBazaar did not immediately respond to a Reuters request for comment.
Paytm, formally known as One97 Communications, and PB Fintech Ltd, the parent of PolicyBazaar, both went public last year. Business news website Moneycontrol first reported the development.
The decision is part of SoftBank’s global strategy to step down from the boards of most listed portfolio companies, the source said, adding that the Japanese tech conglomerate expects to be left with fewer regulatory issues to deal with.
However, SoftBank will retain its stake in the two companies, said the source, who spoke on condition of anonymity as the matter has not been made public yet.
SoftBank, Paytm and PolicyBazaar did not immediately respond to a Reuters request for comment.
Paytm, formally known as One97 Communications, and PB Fintech Ltd, the parent of PolicyBazaar, both went public last year. Business news website Moneycontrol first reported the development.