Paytm Money Receives $8 Million From Its Parent One97 Communications

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Paytm Money Receives $8 Million From Its Parent One97 Communications
  • Paytm Money is a wealth management platform that offers investment execution & advisory services.
  • The platform will use the funds for further expansion, growth, and introduction of new products.

Paytm Money Ltd. has received $8 million (Rs 60 crore) from its parent organization One97 Communications. The platform will use the funds for further expansion, growth, and introduction of new products.

Paytm Money has allotted 600,00,000 equity shares at Rs 10 per share to raise Rs 60 crore from its parent company One97 Communications, shows regulatory filings.

In June 2018, Paytm invested $1.3 million in Paytm Money as a part of a venture round. Following, In March 2019, Paytm Money received $4 million from parent One97 Communications as a part of an ongoing venture round.

Earlier this year, Paytm Money picked up $5.6 million from parent One97 Communications, in which Paytm Money allotted 400,00,000 equity shares at a premium of Rs 10 per share.

Till date, The platform has received over $17 million from parent One97 Communications and Paytm.

According to the reports, In July 2019, One97 Communications had announced to invest Rs 250 crore in Paytm Money in the next 12-18 months.

Also Read: Fintech Platform, True Balance Raises $28 Million From Softbank Venture Asia, Others

In October 2020, Paytm Money launched Exchange-Traded Funds (ETFs), joining the list of top-performing ETFs such as Aditya Birla Sun Life Gold ETF, Nippon India Nv20 ETF, LIC G-Sec Long Term ETF.

At the beginning of 2020, Paytm Money’s MD and CEO Pravin Jadhav put in his papers followed by the resignation of the company’s chief technology officer Suresh Vasudevan, and head of operations Beejish Pillai.

Soon then, The company appointed Varun Sridhar as its new Chief Executive Officer (CEO).

The company recently claimed that its digital gold transaction has grown 2x in the last six months with an average value up by 60%, saw a total transaction volume on the platform over 5000kg.

According to the reports, Paytm Money’s operating value range is under 1 crore for the financial year ending on 31 March 2019. Its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) has decreased by -593.15 % over the previous year. At the same time, The company’s net worth has increased by 709.47 %.

While the company yet to announce financial report for the FY-20.

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