Paytm, a pioneer in Indian fintech announced Douglas Feagin’s departure from its Board of Directors in an exchange filing. Feagin is the senior vice president of the Ant Group and joined the board of One97 Communications (OCL) in July 2021 at the request of the shareholder making the nomination.

He sent the following in a letter to Paytm: “It’s been awe-inspiring to see Paytm’s progress toward establishing scaleable, viable financial services in India. I now retire from my position as a director on the Paytm Board of Directors in appreciation of the firm’s development as a publicly traded company and the maturity of the business, at the request of the nominating shareholder.”

Feagin proceeded by expressing his continuous faith in Paytm’s management group and his best wishes for them in their future achievements.

On Friday, Paytm is anticipated to release its third quarter or December quarter (Q3FY23) financial results. According to experts, the business is anticipated to report robust revenue growth and a decrease in adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) losses.

Paytm disbursed loans of Rs 3,665 crore (USD 443 million) on December 22, a 330% increase year over year.

According to statistics available, the fintech business added one million payment devices during the quarter, and as of December 2022, there were 5.8 million merchants paying subscription fees for payment devices. The Paytm Super App had the greatest levels of customer engagement for the firm during the quarter that ended in December 2022, with an average monthly transactional user base of 85 million, up 32% year over year.

A total merchant GMV (gross merchandise volume) amounted to Rs 3.46 lakh crore (USD 42 billion) for the quarter ending December 2022, representing a year-over-year rise of 38%, Paytm also reported steady growth in total merchant payments volume.