Reliance Group Sells Its 1% Stake In Paytm For Rs 275 Crore Which It Bought For Rs 10 Crore Earlier

Written By : Saicharan Palakurthi

Reliance’s big shot Mukesh Ambani is busy in building his mighty telecom industry and his brother Anil Ambani is leaving no stone unturned in balancing the progress.

Anil Ambani holds a 1% stake in the leading mobile payment app company Paytm, which he bought for Rs 10 crores earlier, and astonishingly he now sold it for the whopping Rs 275 crore, which approximately is 2600% more. Meanwhile, the purchaser is none other than the Chinese e-commerce giant Alibaba and Ant Finacial Services.

According to the sources, the Reliance Capital had invested in One97 Communications back in 2010, and Peeyush Aggarwal, who had 40% stake in One97 Communications, sold 348616 shares to Reliance Capital. One97 Communications is valued at $4.8 billion at this moment.

However, the Alibaba and Ant Financial, already own a massive 40% stake in One 97 Communications and the One97 demerged its e-commerce business from its wallet business. According to the prospectus from the Paytm, the wallet business was moved to the payments bank company.

And Paytm said that it will be investing Rs 600 crore this year to attain 10 million offline merchants in over 650 districts. The company is investing in scaling up manpower, technology, and merchant education so they can transact digitally for the first time in every possible corner of India.

In addition to this, the CEO and founder Vijay Shekhar Sharma sold his 1% of his shareholding in One97 Communications in December for Rs 325 crore to raise money for the payments bank subsidiaries.