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One97 Communications and Vijay Shekhar Sharma infuse Rs 1.22 billion in Paytm Payments Bank

November 23, 2017
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Paytm’s parent company One97 Communications and its founder Vijay Shekhar Sharma have together invested Rs 1.22 billion in Paytm Payments Bank, taking their total fund infusion in the Bank to Rs 4 billion.

As per filings with the Registrar of Companies (RoC), Sharma has invested Rs 620 million, while the rest was put in by One97 Communications and One97 Communications India. Sharma and One97 Communications had initially invested about Rs 2.20 billion in the Payments Bank, with Sharma owning majority stake. In September 2017, both entities invested another tranche of Rs 600 million.

Paytm Payments Bank was incorporated in August 2016 and launched its operations on May 23, 2017. As per its financial documents, between August 2016 and March 2017, the bank saw a turnover of Rs 20 million, while its losses stood at Rs 300 million.

Of the eleven entities which received in-principle licences to launch payment banks, four are operational including India Post Payments Bank, Airtel Payments Bank, FINO Payments Bank and Paytm Payments Bank. Moreover, the four payments banks have seen customers put in only Rs 2.36 billion into their accounts as on September 30, 2017 with Rs 2.24 billion deposited with Airtel Payments Bank alone.

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