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Paytm has agree to sell its post in Japanese payments tauten PayPay to SoftBank for $ 279.2 million , as the Indian business firm sheds non - core assets follow a bruise regulatory clampdown earlier this yr .
The sale of Paytm ’s wager in PayPay , which it received through skill right six years ago , surveil months of restructuring that view the Amerind firmsell its amusement ticketing unit to Zomato for $ 246 millionin August .
PayPay , controlled by SoftBank and Yahoo Japan parent Z Holdings , is a lead payments app in Japan .
The stake sale will boost Paytm ’s cash reticence to $ 1.46 billion as it attempts to recover mart share in India ’s ferociously competitive defrayal market . The company ’s banking affiliate wasseverely restricted by regulatorsin January , leading to an hegira of client to rival services .
Shares in Paytm have nearly treble since June after India ’s payments regulator give up it to resume adding customers to its flagship UPI service of process . The fellowship report its first quarterly profit in September , though this was largely due to proceeds from plus sales rather than operational betterment .
“ We are thankful to [ SoftBank CEO ] Masayoshi - san and the PayPay squad for giving us the opportunity to together create a wandering defrayal gyration in Japan , ” Paytm said in a statement . “ We persist amply attached and will stay on to abide PayPay ’s product and technology creation in time to come . We are working on introduce new AI - power features to speed up PayPay ’s vision in Japan . ”
Saturday ’s quite a little punctuate the destruction of Paytm ’s relationship with SoftBank , which divest its remain shares in June after being an early backer through its Vision Fund .
