Paytm to sell stake in Japan’s PayPay to SoftBank: Report

One97 Communications, Paytm's parent company, is close to finalizing a $250 million (around Rs 2,000 crore) deal to sell its stake in Japan's digital payments firm PayPay Corporation to SoftBank Group.

A Moneycontrol report, which first broke the news, stated that the deal would increase Paytm's cash reserves from over Rs 10,000 crore to Rs 12,000 crore.

Paytm entered the Japanese market in 2018 through a partnership with PayPay Corporation, a joint venture between SoftBank and Yahoo Japan, to provide QR code-based payment solutions.

Notably, PayPay was in the news last year for exploring a US listing to take advantage of higher valuations.

Paytm did not comment on the story.

Earlier this year, Paytm divested its entertainment ticketing platform, Paytm Insider, to Zomato for Rs 2,048 crore. The company’s stock has shown remarkable growth, reaching a 52-week high on December 5. The company was listed on the stock exchange in November 2021.