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SoftBank execs to leave boards of India’s Paytm, Policybazaar

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© Reuters. FILE PHOTO – The SoftBank Group Corp logo is shown at SoftBank World 2017, Tokyo, Japan. July 20, 2017. REUTERS/Issei Kato

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NEW DELHI (Reuters), – SoftBank Group Corp representatives will be stepping down as directors of Indian digital payments firm Paytm, and Policybazaar’s parent company Policybazaar. A person who has direct knowledge of this matter stated that they are removing themselves from these boards.

According to a source, the decision was part of SoftBank’s global strategy of exiting from most portfolio companies’ boards. The source also stated that SoftBank expected there to be fewer regulatory problems to address.

SoftBank, however will retain its share in these two Indian companies according to a source who spoke under anonymity because the matter is not public.

SoftBank, Paytm and Policybazaar didn’t immediately reply to Reuters requests for comment.

Paytm (formerly One97 Communications) and PB Fintech Ltd (parent of Policybazaar), went public in the last year. The development was first reported by Moneycontrol, a business news site.

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