Amid regulatory pressure from the Reserve Bank of India (RBI), Paytm's parent company, One 97 Communications, has taken decisive steps to sever inter-company agreements with Paytm Payments Bank Limited (PPBL).
One 97 Communications' consolidated revenue for the quarter rose by 38 per cent, reaching Rs 2,851 crore compared to Rs 2,062 crore in the same period a year earlier.
Paytm Money Managing Director and CEO Pravin Jadhav 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".
These are the initial years for Paytm Mall and we have a long-term perspective on building a successful tech business, a Paytm Mall spokesperson said.
Snapdeal had acquired FreeCharge in 2015 for an estimated Rs 2,400 crore in a stock-cash deal
Paytm has seen a steep surge in its valuation following the government's drive to transform India into a cashless society
The move pits Alibaba directly in competition with Amazon and Flipkart for a share in the Indian digital commerce market
Vijay Shekhar Sharma, the Paytm founder, has sold one per cent of his shares in One97 Communications to its shareholders for about Rs 325 crore.
New Delhi: China's Alibaba Group Holding and its unit Alipay are in advanced talks to buy a stake for about $550 million (Rs 3,150 crore) in India's One97 Communications, which owns Paytm, an e-commerce payment
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