Paytm Payments Bank has reportedly raised $9.3 Mn (INR 60 Cr) from One97 Communications founder Vijay Shekhar Sharma and other existing investors. The development comes at a time when the firm is gearing up to launch its own debit card.
At the time of its launch in May 2017, the payments bank received an initial investment of $34.2 Mn (INR 220 Cr), with Sharma emerging as its majority shareholder.
As per a regulatory filing, the firm received the board’s approval on July 25, 2017. The document read, “The consent of the board is hereby accorded to issue on a right basis, 60 Mn equity shares of the company of the face value of INR 10 to the investor.”
Sharma has infused $4.6 Mn (INR 30 Cr) in Paytm Payments Bank, while One97 Communications has contributed around $3.5 Mn (INR 23 Cr). According to the company’s RoC filings, the remaining $1.09 Mn (INR 7 Cr) has come from One97 Communications India, a wholly-owned subsidiary of One97.