Paytm Money secures Rs 40 cr funding from One97 Communications

Paytm Money has received an investment of Rs 40 crore from One97 Communications.

A regulatory document filed with the Corporate Affairs Ministry stated, “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.”

Pravin Jadhav, Managing Director and CEO, Paytm Money, 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.”

The company will use the fresh funds 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,” Jadhav further added.