Paytm’s subsidiary, Paytm Cloud Technologies Limited (PCTL), is set to acquire a 25% stake in the US-based fintech startup Seven Technology LLC for ₹8.7 crore (US$1 million).
This move follows Paytm’s recent announcement of plans to establish three new subsidiaries in the UAE, Saudi Arabia, and Singapore through PCTL, aiming to expand its tech-driven payment and financial services on a global scale.
Seven Technology LLC serves as the parent company of Dinie Correspondente Bancário e Meios de Pagamento Ltda, a Brazilian fintech platform that provides digital financial services to MSMEs in Brazil.
Following this announcement, One97 Communications’ share price increased by approximately 1% in morning trading on February 3, reaching ₹750.75 (US$8.61) per share on the Bombay Stock Exchange (BSE).
The stock later closed at ₹743.60 (US$8.53) per share.
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