Paytm names new independent director, expects breakeven in 12 months; Byju’s, after delay, to report financials on Sep. 6

One 97 Communications, one of India’s biggest digital payments companies, which operates under the brand name Paytm, has appointed GS Sundararajan, former group director of Shriram group as an independent director on its board, the company told the stock exchanges on Aug.27. Byju’s, after 17-month delay is set to report FY21 financials on Sep. 6. And some details may have emerged about Apple’s long-rumoured mixed reality headset. Notes: One 97 Communications, one of India’s biggest digital payments companies, which operates under the brand name Paytm, has appointed GS Sundararajan, former group director of Shriram group as an independent director on its board, the company told the stock exchanges on Aug.27. The company also announced the retirement of independent director Mark Schwartz, upon completion of his tenure. Previously, Schwartz had served as chairman of Goldman Sachs Asia Pacific. Paytm is “confident that with continued revenue growth, an increasing mix of higher margin businesses such as loan distribution, and better operating leverage, it is firmly on track to achieve operating EBITDA profitability by the quarter ending September 2023,” the company said in its filing. Byju’s, India’s biggest ed-tech company and its most valued startup, has informed its debt investors that it is likely to finalise its audited financial results for FY21, approved by auditor Deloitte, by September 6, Economic Times reports, citing people briefed on the matter. India’s Ministry of Corporate Affairs has asked Byju’s parent Think & Learn to explain the 17-month delay in filing its audited accounts, Bloomberg reported on Aug. 25. Byju’s investors include Sequoia Capital, Bond, Tiger Global, BlacRrock, Silver Lake, Naspers, and Chan-Zuckerberg Initiative. It is privately valued at $22 billion, according to the Bloomberg report, which cites market researcher CB Insights. Flipkart will invest more than Rs. 3,600 crores in the next three years to set up three new giant automated fulfilment centres, Economic Times reports. This includes one in Manesar which is under construction and two new ones, which would come up in South and West Bengal respectively, Flipkart Group’s senior vice president and head of supply chain Hemant Badri, told ET. Some details may have emerged about Apple’s rumoured virtual reality headsets, in trademark filings spotted by Bloomberg, The Verge reports, citing a Bloomberg report that is behind a paywall. The filings suggest Apple might incorporate “Reality” in the name and branding of its long-rumoured mixed reality headset. Three separate filings show trademarks for “Reality One,” “Reality Pro,” and “Reality Processor,” matching the realityOS name that shows up in Apple’s code and a trademark application that potentially refers to the headset’s operating system, according to The Verge. Theme music courtesy Free Music & Sounds: https://soundcloud.com/freemusicandsounds