Sunil Munjal and Saroj Poddar in talks to buy into digital payment firm, Paytm

Post-demonetisation, digital payments have become the focus with Paytm racing ahead of the digital players so far in the sector.

Rumours are that Sunil Munjal, chairman of Hero Corporate Services and and Saroj Poddar, chairman of fertilizer and engineering services group, Adventz Group are planning to buy Nikhil Vora – early investor’s partial stake in Paytm, according to the Economic Times.

 Vijay Shekhar Sharma, Founder, Paytm

Vijay Shekhar Sharma, Founder, Paytm

Citing sources, the ET report said if the deal goes through then the reported value of Paytm – led by Vijay Shekhar Sharma could go up to US $5 – $5.6 billion up from the earlier valuation of US $4.8 billion in August 2016.

The ET report said that Munjal and Poddar are negotiating with the former IDFC Securities analyst to buy into 0.35 percent stake of 1.6 lakh shares that Vora holds in Paytm. Munjal and Poddar will buy Rs 50 crore worth secondary stock at Rs 8,000 per share, the ET report said quoting a person privy to the developments.

The ET report mentioned that Poddar declined to comment while Munjal and Paytm declined to reply to email queries for the report.

Published Date: Jan 03, 2017 10:48 AM | Updated Date: Jan 03, 2017 10:48 AM

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