Mumbai: Paytm founder and CEO Vijay Shekhar Sharma has raised Rs 325 crore by selling one percent of his stake in One97 Communications, Paytm's parent company, reported an English Daily. The money he raises will be used to fund Paytm's upcoming payments bank.
After selling his stake to an undisclosed shareholder, he now owns 20.33 percent in One97.
Sharma had earlier got an approval from the Reserve Bank of India for the payments bank, on the condition that he holds 51 percent stake in the bank. RBI has also asked the company to move the e-wallet business into the payments bank.
Chinese e-commerce major Alibaba, along with its affiliate Alipay, holds 40.94 percent stake in One97 Communications.
Disclaimer: You are responsible for your own investments. Niveza.in does not guarantee the accuracy or completeness of information on the site, nor does Niveza.in assume any liability for any loss that may result from reliance by any person upon any such information or recommendations. Such information recommendations are for general information only. Nothing contained herein is an offer to sell nor solicitation to buy any securities.