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The decision is part of SoftBank’s global strategy to exit from the boards of most of its listed portfolio companies, said the source, adding that the Japanese tech conglomerate expected it would leave fewer regulatory issues to tackle.
SoftBank will, however, retain its shareholding in the two Indian companies, added the source, who spoke on condition of anonymity as the matter has not yet been made public.
SoftBank, Paytm and Policybazaar did not immediately respond to Reuters request for comment.
Both Paytm, formally known as One97 Communications, and PB Fintech Ltd, the parent of Policybazaar, went public last year. Business news website Moneycontrol first reported the development.
