Paytm Ropes In Bimal Julka As Independent Director

Fintech major Paytm has roped in Bimal Julka as the non-executive independent director.

“The term of appointment as an independent director shall be five (5) consecutive years w.e.f. January 20, 2025, subject to the approval of members of the company,” Paytm said in a BSE filing.

Julka is an IAS (Indian Administrative Services) officer of 1979 batch of Madhya Pradesh cadre. Later, he also served as the director of industrial development at the Ministry of Commerce and Industry.  

Besides, he served at various notable positions for the Government of India in ministries including Ministry Of Civil Aviation, Ministry of Defence of India, Ministry of Finance, Ministry of External Affairs and Ministry Of Information & Broadcasting. He also worked as Chief Information Commissioner.

The appointment comes at a time when Paytm’s board approved the sale of its 100% stake in its wholly owned subsidiary, Xceed IT Solutions Private Limited.  In this transaction, Xceed’s existing directors Vineet Narang and Sabina Kamal, will buy these stakes for consideration worth INR 60,728.  

The fintech company also disclosed its financial results for the December quarter of the financial year ending March 2025. Paytm managed to narrow down its loss by 6% to INR 208.5 Cr in the quarter under review, against INR 221.7 Cr in the Q3 of FY24. 

Revenue from operations declined 36% to INR 1,827.8 Cr during Q3 FY25 from INR 2,850.5 Cr in the year-ago period. 

Additionally, Paytm recently expanded its employee stock option plan (ESOP) pool by allotting 2.03 Lakh stock options under its ESOP Plan 2019.

At 12:41 PM, the shares of Paytm were trading at INR 906 apiece during the intraday trading session on BSE, marginally up by 0.7% from its previous close at INR 899.65.