Munish Varma, who is the managing partner of the Japanese conglomerate SoftBank, will step down today from the Boards of One97 Communications—the parent company of Paytm and PB Fintech, which is the parent company of PolicyBazaar, Moneycontrol reported citing sources.
Varma had taken over as the board member in both the companies, almost six months ago. SoftBank had invested approximately $1.4 billion in One97 Communications four years ago, acquiring a 17.4 per cent stake in the company. It also has a 12.4 per cent stake in PB Fintech. Over the years, the Japanese investment firm has made a slew of investments in Indian fintech startups worth $10 billion. As per the report, the company will continue to retain its stakes in both companies.
According to the report, the development is part of SoftBank’s strategy globally to move away from board positions, after its portfolio companies get listed in stock exchanges. In 2021, Paytm and PolicyBazaar got listed in the Indian stock markets.
However, the stocks of both Paytm and PolicyBazaar are currently trading at an all-time low. Notably, two of its other portfolio companies—OYO and Swiggy, are also eyeing to go public this year.
