wordpress blog stats
Connect with us

Hi, what are you looking for?

Reliance Capital sells 1% stake in Paytm for Rs 275 crore: reports

Reliance Capital has sold its 1% stake in Paytm to Chinese e-commerce giant Alibaba and Ant Finacial Services for Rs 275 crore, reports the Economic Times. Earlier in the day, the Press Trust of India had reported the same and that Reliance Capital had invested Rs 10 crore.

The Economic Times added that Reliance Capital had invested in One97 Communications, the parent company of Paytm, back in 2010 when it had planned for an IPO. Back in 2010, Peeyush Aggarwal, who had 40% stake in One97 Communications, sold 348616 shares to Reliance Capital. One97 Communications is valued at $4.8 billion currently.

A spokesperson for Paytm declined to comment on the deal.

Alibaba and Ant Financial, who together own a 40% stake in One 97 Communication. Note that the Alibaba Group led a $200 million round of funding in Paytm’s recently fenced-off e-commerce section. One97 Communications demerged its e-commerce business from its wallet business. The wallet business was moved to the payments bank company in December.

Advertisement. Scroll to continue reading.

Recently, Paytm said that it will be investing Rs 600 crore this year to acquire 10 million offline merchants in over 650 districts. The company is investing in scaling up manpower, technology, and merchant education so they can transact digitally for the first time.

Paytm will be using its QR code-based payment solution to bring these merchants on digital payment platforms. The announcement comes shortly after card networks Visa, MasterCard, RuPay and American Express which  launched the BharatQR which will offer an inter-operable QR code system. Wallets and the UPI are not a part of the payment system yet.

Meanwhile, founder Vijay Shekhar Sharma sold 1% of his shareholding in the parent company One97 Communications in December for Rs 325 crore to raise money for the payments bank entity.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...

News

Releasing the policy is akin to putting the proverbial 'cart before the horse'.

News

The industry's growth is being weighed down by taxation and legal uncertainty.

News

Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.

News

Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ