India’s fintech industry looks set to face a tough 2023 as investments cool, and nowhere was this more apparent than apparent rumbling at Paytm, a flagbearer of Indian fintech.
The Economic Times reports that China’s Ant group and Masayoshi Son-led SoftBank, two
of the largest investors in Paytm’s parent One97 Communications, are looking at reducing
their holding in the fintech major.
Ant group — an affiliate of Alibaba — and SoftBank, two large investors in Paytm’s parent
One97 Communications, have held discussions to lower their holding in the payments firm.
Ant group is the single largest shareholder in the firm with about 25% stake, while SoftBank owns around 13% of the Noida-based fintech firm. Jack Ma-founded Alibaba recently made an exit, and ET reports that telecom billionaire Sunil Mittal of Bharti Enterprises and another Indian conglomerate were offered a stake, but talks didn’t progress on this front.
A cooling of Fintech
