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One97 Communications Singapore approves sale of stake in PayPay

Economic Times · 3m

Paytm's parent company, One97 Communications, has announced the approval for the sale of its shareholding in PayPay Corporation, a Japan-based payments firm. The transaction is still subject to clearances and corporate approvals. The move is expected to increase One97 Communications' cash balances. Paytm is reportedly selling its stake in PayPay to SoftBank for around $250 million. This comes as Paytm continues to face regulatory scrutiny in its payments bank business and follows the sale of its ticketing business, Paytm Insider, to Zomato earlier this year. Paytm's shares closed 2% higher at Rs 975.80 on the BSE.