New Delhi, Feb 3 (PTI) Digital financial services firm One97 Communications' biggest shareholder Ant Financial has pulled out its nominee from the board of the company, according to a regulatory filing.

The Alibaba Group firm holds around 25 per cent stake in One97 Communications which operates under Paytm brand.

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"Paytm's journey to achieving profitable financial services of scale in India has been inspiring. In recognition of the company's growth as a publicly listed company and the maturity of the business, at the request of the nominating shareholder, I hereby resign from my position as a director on the Board of Directors of Paytm," Paytm Non-Executive Director Douglas Feagin said in his resignation letter.

The letter was shared by One97 Communications in a regulatory filing.

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Feagin was appointed as an additional director of the company with effect from July 5, 2021.

Chinese conglomerate Alibaba last month sold a 3.1 per cent stake -- nearly half of its direct shareholding -- in One97 Communications in an indication of exiting the Indian market.

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