Paytm has agreed to sell its stake in Japanese payments firm PayPay to SoftBank for $279.2 million, as the Indian firm sheds non-core assets following a bruising regulatory clampdown earlier this year.<\/p>\n\n\n\n
The sale of Paytm\u2019s stake in PayPay, which it received through acquisition rights six years ago, follows months of restructuring at the Indian firm that saw the company sell its entertainment ticketing unit to Zomato for $246 million in August.<\/p>\n\n\n\n
PayPay, controlled by SoftBank and Yahoo Japan parent Z Holdings, is a leading payments app in Japan.<\/p>\n\n\n\n
The stake sale will boost Paytm\u2019s cash reserves to $1.46 billion as it attempts to recover market share in India\u2019s fiercely competitive payments market. The company\u2019s banking affiliate was severely restricted by regulators in January, leading to an exodus of customers to rival services.<\/p>\n\n\n\n
Shares in Paytm have nearly tripled since June after India\u2019s payments regulator allowed it to resume adding customers to its flagship UPI service. The company reported its first quarterly profit in September, though this was largely due to proceeds from asset sales rather than operational improvements.<\/p>\n\n\n\n
\u201cWe are grateful to Masayoshi-san and the PayPay team for giving us the opportunity to together create a mobile payment revolution in Japan,\u201d Paytm said in a statement. \u201cWe remain fully committed and will continue to support PayPay\u2019s product and technology innovations in future. We are working on introducing new AI-powered features to accelerate PayPay\u2019s vision in Japan.\u201d<\/p>\n\n\n\n
Saturday\u2019s deal marks the end of Paytm\u2019s relationship with SoftBank, which divested its remaining shares in June after being an early backer through its Vision Fund.<\/p>\n","protected":false},"excerpt":{"rendered":"
Paytm has agreed to sell its stake in Japanese payments firm PayPay to SoftBank for $279.2 million, as the Indian firm sheds non-core assets following a bruising regulatory clampdown earlier this year. The sale of Paytm\u2019s stake in PayPay, which it received through acquisition rights six years ago, follows months of restructuring at the Indian […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-1028","post","type-post","status-publish","format-standard","hentry","category-tech"],"_links":{"self":[{"href":"https:\/\/www.timesofmedia.com\/news\/wp-json\/wp\/v2\/posts\/1028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.timesofmedia.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.timesofmedia.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.timesofmedia.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.timesofmedia.com\/news\/wp-json\/wp\/v2\/comments?post=1028"}],"version-history":[{"count":1,"href":"https:\/\/www.timesofmedia.com\/news\/wp-json\/wp\/v2\/posts\/1028\/revisions"}],"predecessor-version":[{"id":1029,"href":"https:\/\/www.timesofmedia.com\/news\/wp-json\/wp\/v2\/posts\/1028\/revisions\/1029"}],"wp:attachment":[{"href":"https:\/\/www.timesofmedia.com\/news\/wp-json\/wp\/v2\/media?parent=1028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.timesofmedia.com\/news\/wp-json\/wp\/v2\/categories?post=1028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.timesofmedia.com\/news\/wp-json\/wp\/v2\/tags?post=1028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}