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Fintech major Paytm’s subsidiary One97 Communications Singapore has sold its stock acquisition rights (SARs) in Japanese digital payments firm PayPay Corporation for INR 2,364 Cr ($279.19 Mn) to SoftBank’s Vision Fund 2.
The transaction, which is expected to close within this month, will value PayPay at $7.06 Bn, Paytm said in an exchange filing.
The company said that its subsidiary’s board approved the sale of the SARs as it has created significant value for the company. With this, Paytm’s cash reserves will get an INR 2,364 Cr jolt, which it will look to drive future business initiatives.
“We remain fully committed and will continue to support PayPay’s product and technology innovations in future. We are working on introducing new AI-powered features to accelerate PayPay’s vision in Japan,” a Paytm spokesperson said.
(The story will be updated shortly.)
The post Paytm’s Singapore Subsidiary Sells Stake In PayPay For $279 Mn appeared first on Inc42 Media.
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