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Paytm money receives investment from its parent co.
November 21, 2020
Paytm Money has obtained Rs 60 crore in fresh tranche from the preserving enterprise amidst enlargement, increase and introduction of new products. This is the second infusion from the determine entity within the beyond couple of months.
Paytm Money has allocated 600,00,000 equity shares at Rs 10 per proportion to raise Rs 60 crore from parent organisation One97 Communications, suggests regulatory filings.
In July 2019, One97 Communications had introduced to make an additional Rs 250 crore investment in Paytm Money in the subsequent 12-18 months. Two months in the past, the firm had picked up Rs 40 crore from the parent corporation. Like preceding investments, the agency is possibly to set up it toward sourcing up merchandise, strengthening era, and expanding its team.
For Paytm Money, the continuing calendar yr has been full of ups & downs. At the start of 2020, Paytm Money’s MD and CEO Pravin Jadhav installed his papers accompanied through resignations of the corporation’s chief generation officer Suresh Vasudevan and head of operations Beejish Pillai.
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