Friday 20 September 2019

Paytm Money gets Rs 40 cr from One97 Communications

Paytm Money gets Rs 40 cr from One97 CommunicationsNew Delhi: Paytm Money has raised Rs 40 crore funding from One97 Communications, according to regulatory documents. "...pursuant to the rights offer made by the company...the Board hereby approves the allotment of four crore equity shares of the company of face value Rs 10 each at a par value (the Rights Shares) to the existing shareholders...for an aggregate consideration of Rs 40 crore," a regulatory document filed with the Corporate Affairs Ministry showed.

The resolution was passed by the Board of Paytm Money on September 12, it added.

When contacted, Paytm Money Managing Director and CEO Pravin Jadhav said: "We continue to be a wholly-owned subsidiary of One97 Communications, and over the next 18-24 months expect investments of Rs 250 crore from Paytm".

He said the company has received 40 crore that will be invested towards products, technology and expanding the team, and setting up new business verticals.

"We look to further expand the mutual funds business and step into new verticals like stock trading and NPS within this financial year," he added.

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