Thursday, April 27, 2017

Paytm parent company One97 Communications to raise Rs 12000 crore from SoftBank

Paytm parent company One97 Communications is all set to raise Rs 12000 crore from SoftBank. As a part of deal SoftBank will have 20% stake in the company. And the company will be valued to $9 billion.

The deal was agreed on earlier this week and is now waiting for board approval.

Also read: Paytm opens third office in Bangalore

The company recently established a new subsidiary called Paytm Financial Services. The company will also invest in expansion of its offline payment network. The payment bank operations are awaiting final regulatory approval.

Owner of Paytm Vijay Shekhar Sharma who also owns a licence for the payment bank, One97 plans to earmark nearly $1 billion to expand its payments business into high growth areas like lending and insurance.



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