According to multiple news reports on Sunday, Paytm agreed to sell its stake for around $279.2 million. The sale involved selling the PayPay shares that Paytm had acquired six years ago through acquisition rights.
This move follows Paytm's sale of its entertainment ticketing business to Zomato, the Indian food delivery giant for $246 million in August.
PayPay, a prominent payment platform in Japan, is managed by Z Holdings, the parent company of SoftBank and Yahoo Japan. Through innovative technology and services, the platform has established a strong foothold in Japan's mobile payment market.
With this latest transaction, Paytm has secured about $1.46 billion in cash reserves. These funds are expected to support strategic investments to regain market share in India's competitive digital payments sector.
Earlier this year, Paytm faced challenges as its subsidiary Paytm Payments Bank saw customer outflows due to stringent regulatory actions.
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