Vijay Shekar Sharma | Pixr8 News

Paytm Seeks RBI Licence to Start Mutual Fund Service

21Jun By PriyankaNo Comments

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Paytm Seeks RBI Licence to Start Mutual Fund Service

Paytm has applied for a licence to set up a money market mutual fund that will enable the company to expand its financial offerings to consumers. According to sources, Paytm has applied to the Reserve Bank of India (RBI) to start the fund in the coming months, a move that will enable the company to increase revenues from financial services. When contacted, Paytm declined to comment. The primary objective of a money market fund is to invest in short-term securities. The Alibaba and SoftBank-backed company had, last month, started its payments bank operations in the country and aims to garner 500 million customers by 2020. The company has earmarked an initial investment of Rs 400 crore to build its banking network over two years. Also, it launched Digital Gold in April this year...

Vijay Shekhar Sharma Raises Rs 325cr By Selling His 1% stake

As per a news report, Vijay Shekhar Sharma India's leading e-wallet and recharge platform, Paytm, has sold 1% of his equity in One97 Communication to raise about Rs 325 crore for Paytm Payment bank. One97 Communications is the company that runs Paytm. The shareholder's name was not disclosed. Vijay had now 20.33% stake in One97 Communication. The transaction values One97 Communications at about $4.7 billion. Earlier Vijay Shekhar Sharma has received in-principle approval from the Reserve Bank of India after the company decided to transfer the e-wallet business to the payments bank entity to start the payments bank but the final approval is awaited. According to RBI rules, Sharma has to hold a 51% stake in the payments bank for which he has created a new entity-Paytm Payments Bank....

Without Funding Paytm Can Sustain For Five Years – Vijay Shekhar Sharma

One97 Communications Ltd., the owner of an Indian online payment processor backed by Alibaba Group Holding Ltd.’s finance arm, said funds at its disposal were enough to last five years, enabling it to build a business model that’s “predictable.” “We have enough money in the bank to last 21 quarters if we keep spending at the same rate as last year,” Vijay Shekhar Sharma, chief executive officer (CEO) of One97 that owns Paytm, said in an interview to Bloomberg TV in Hong Kong. “The last term sheet I signed was in 2014. We haven’t raised money since.” Many Indian startups are running out of cash, while others including Flipkart Online Services Pvt., India’s biggest e-commerce company, have had their valuation marked down. One97, which was founded in 2000 by Sharma, doesn’t plan...