Ahead of Paytm's $3 billion initial public offering, Neeraj Arora, the former WhatsApp global business head, is likely to rejoin the company's board, according to multiple sources close to the development.
Arora, widely credited with the structuring of the Facebook and WhatsApp deal, was on the Paytm Board from 2015-2018.
At the time Arora quit the Paytm Board in February 2018, it was believed the reason was Paytm founder Vijay Shekhar Sharma's comments over regulatory manipulation of WhatsApp in the unified payments interface (UPI) space. In November the same year, Arora quit WhatsApp to "spend time with family".
He is an advisor to Venture Highway, an early-stage venture capital firm.
Arora did not immediately respond to a request for comments.
Prior to WhatsApp, Arora worked at Google, where, among other things, he led acquisitions and strategic investments at the technology giant.
According to company filings with the Registrar of Companies (RoC), One97 Communications, the parent firm of Paytm, Douglas Lehman Feagin, senior vice president at Ant Group joined the company's board replacing Ant Group Chairman and Chief Executive Officer, Jing Xiandong (Eric). Xiandong has resigned from the Board.
In addition, Ash Lilani, managing partner at Saama Capital has been appointed as an independent director to the company. Michael Yuen Jen Yao from Alibaba Group Holding Ltd. and Todd Anthony Combs, investment manager at Berkshire Hathaway, have retired by rotation from One97’s board on 30 June, according to RoC filings.
Paytm has also allowed its employees to exercise their employee stock ownership plan (ESOPs).
One97 Communications had earlier said that it intends to raise Rs 12,000 crore ($1.6 billion) by issuing fresh equity.
The company had earlier said that the IPO will include a fresh issue of equity shares and an offer for sale from certain existing shareholders.
At an extraordinary general meeting (EGM), scheduled to be held in Delhi on July 12, the company will also consider and approve the declassification of Vijay Shekhar Sharma from his status as a promoter of the company.
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