Ant is a subsidiary of Chinese e-commerce behemoth Alibaba, which last month sold $125 million worth of Paytm shares.

Douglas Feagin, who was selected by Chinese fintech giant Ant Group to join Paytm’s board, has resigned from his position as a non-executive, non-independent director of the business, per a regulatory filing.

Ant is a subsidiary of Chinese e-commerce behemoth Alibaba, which last month sold $125 million worth of Paytm shares. Collectively, Alibaba and Ant still own about 28 percent of Paytm.

Ant is a subsidiary of Chinese e-commerce behemoth Alibaba, which last month sold $125 million worth of Paytm shares. Collectively, Alibaba and Ant still own about 28 percent of Paytm.

“Paytm’s road to developing scaleable, profit-making financial services in India has been encouraging.

I hereby resign from my position as a director on the board of directors of Paytm at the request of the nominating shareholder in appreciation of the firm’s evolution as a publicly traded company and the maturity of the business,” Feagin was quoted as saying in the regulatory filing.

Alibaba and Ant Financial invested $680 million for a greater than 44% ownership investment in Paytm in 2015, making them the company’s top stockholders.

Vijay Shekhar Sharma, the founder and CEO of the fintech company Paytm, stated at Davos last month that Alibaba was never a strategic shareholder for the company.

A financial investor places a wager solely for profit, while a strategic shareholder has business ties to the investee company.

Paytm’s share price is currently selling at Rs 527 a share on the BSE, down 75% from its IPO price of Rs 2,150.

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