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Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The rejig will result in transfer of the offline merchant payments business to the payment services vertical and the acquisition of the financial services arm, among other things.
Paytm parent One97 Communications on Wednesday announced an internal restructuring exercise, bringing some of its financial and technology subsidiaries under its direct ownership.
As part of the plan, One97 Communications will acquire 51.22% of Paytm Financial Services from the company’s founder and chief executive Vijay Shekhar Sharma as well as VSS Investco, a venture capital firm owned entirely by Sharma. The acquisition will amount to Rs 50 lakh (about $57,000), after which the financial services arm will become a wholly owned subsidiary of the parent company.
Additionally, One97 Communications’ online and offline merchant payments businesses will be housed under one …
