India's Paytm to sell stake in Japan-based PayPay to Softbank for $250 million

Vijay Shekhar Sharma-led Paytm's parent company, One97 Communications, is reportedly selling its stake in Japan-based digital payments firm PayPay Corporation to investment giant SoftBank Group for $250 million or over Rs 2,000 crore, Moneycontrol reported.

The report said that the potential deal would increase the Noida-based company's cash reserves from around Rs 10,000 crore to over Rs 12,000 crore.

In July 2018, Paytm partnered with PayPay Corporation to expand its services in the Japanese market. 

Earlier this year, Paytm sold Paytm Insider, its entertainment ticketing business, to Deepinder Goyal-led food delivery giant Zomato for Rs 2,048 crore.