In August, Paytm’s Netherland-based investor Antfin Holding B.V. sold a 10.30% stake in the company to chief executive Vijay Shekhar Sharma.
Vijay Shekhar Sharma, founder and chief executive officer of Indian fintech firm Paytm, is open to increasing his stake in the company if there are sellers, according to a Reuters report. Currently, Sharma holds a 19.42% in One97 Communications-owned digital payments platform.
He told the media outlet that it is a “milestone” to increase his stake in the company. While Antfin has not signaled its intent to sell more stake currently, Sharma is open to buying more equity in the company and will “jump” at the opportunity.
In August, Paytm’s Netherland-based investor Antfin Holding B.V. sold a 10.30% stake in the company to chief executive Vijay Shekhar Sharma. For this purpose, Antfin is said to transfer its stake to Resilient Asset Management B.V., an entity 100% owned by Paytm’s Sharma. Following the completion of the transaction, Sharma’s shareholding in Paytm increased to 19.42%, whereas Antfin’s shareholding will reduce to 13.50%.
A key player in the Indian financial technology sector in India, Paytm offers a wide range of financial services, including payments, e-commerce, banking, and more. The Noida-based company was founded in 2010 by Vijay Shekhar Sharma and initially started as a prepaid mobile and DTH recharge platform. Over the years, the fintech company has diversified its services and offerings, expanding into e-commerce, banking, insurance, and more.
Sharma added that the fintech company “is focusing on its payments and credit business and is targeting free cash flow of sizable value soon.”
Meanwhile, on Monday Paytm’s parent One97 Communications launched Card Soundbox which will allow merchants to accept both mobile and card payments across all Visa, Mastercard, Amex, and RuPay networks on a ‘tap and pay’ basis. Through the Made in India device powered by the 4G network, merchants can accept card payments up to ₹5,000. The company says the Paytm Card Soundbox will resolve two problems for merchants – accepting card payments and getting instant audio alerts for all payments.