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Paytm quashes reports of stake sale by investors
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SME Times News Bureau | 02 Dec, 2020
Quashing rumours of a stake sale, sources close to India's leading
financial services and payments firm Paytm said that global fintech
giant Ant Financial is not planning to sell its shares in the company.
While
reports claimed that Ant Financial is planning to sell its stake in the
company, both Paytm and Ant denied them as rumours and called the
reports 'false' and 'misleading'.
"The information is absolutely
false and misleading. There has been no discussion with any of our
major shareholders ever about selling their stake or becoming the
controlling shareholder. Our mission is to empower half a billion
Indians with digital financial services and pursue the vast opportunity
presented by the digital financial revolution in our country. We are
seeing a dramatic increase in revenues and acceleration of our path to
breakeven," said a Paytm spokesperson.
Sources close to the
company said that there has been no change in the ownership pattern of
Paytm and the investors completely back its financial services foray
which has now expanded pan-India.
Ant Group took to Twitter to
deny the reports, saying: "The Reuters story is untrue. We are
disappointed that Reuters decided to run the story based on false
information."
According to the sources, the overall investor
sentiment surrounding Paytm is at an all time high. Over the last
several quarters, especially during the Covid-19 pandemic, Paytm has
been constantly increasing the scope of its services, adding more use
cases to the app as well as expanding fast into the financial services
territory.
It has launched new insurance and wealth products
which are getting adopted by its users as more people are transacting
digitally in India. The progress has helped in instilling more
confidence in all its investors and they expect expansion of these
services going forward.
According to the senior executive of a PE
firm that has invested in Paytm, "Every investor who has ever invested
in Paytm has held on to the shares for at least five years and has
always sold it at a profit. Post the company's last funding round a year
back, it is seeing a strong momentum in its business wherein GMV has
gone up by nearly 100 per cent. At the same time, many of its new
businesses, particularly payment gateway, UPI money transfer, equity
trading, lending, POS devices and advertising, are performing far ahead
of the internal expectations. Paytm's FY20 revenue has increased to Rs
3,629 crore, even as burn has reduced by over 60 per cent in the last 18
months."
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