Paytm Cloud To Pick Up 25% Stake In US-Based Seven Technology

Paytm’s arm Paytm Cloud Technologies Limited (PCTL) is set to acquire a 25% stake in Delaware-based fintech startup Seven Technology LLC for $1 Mn (around INR 8.7 Cr).

In a regulatory filing, One97 Communications said that the board of its wholly-owned subsidiary, PCTL, at its meeting held on February 3, approved an investment of $1 Mn in Seven Technology LLC for acquisition of 25% stake and execution of transaction documents.

Seven Technology is the parent of Brazil-based fintech platform Dinie Correspondente Bancário e Meios de Pagamento Ltda’s parent, that offers digital financial services to micro, small and medium-sized enterprises (MSMEs) in Brazil.

Following the acquisition announcement, shares of Paytm parent One97 Communications was up about 1% at INR 750.75 apiece in the intraday morning trade on the BSE today (February 3).

The stock closed at INR 743.60 per share on Saturday (February 1).

(The story will be updated soon.)

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