look news india
New Delhi, July 13 (HS). The online payment platform Paytm, which is going through a crisis, has suffered another setback. Japan's investment bank Softbank has sold its entire stake in Paytm's parent company One97 Communication. The bank has taken this step after incurring a loss of $150 million in the April-June quarter.
Sources informed on Saturday that Japan's SoftBank has ended its business with Paytm with a loss of 10-12 percent. Japan's SoftBank investment arm SoftBank Vision Fund has exited Paytm with a loss of about $ 150 million in the April-June quarter. Before the company's initial public offering (IPO) in 2021, SoftBank had about 18.5 percent stake in Paytm.
It is worth mentioning that in 2017, Japan's Softbank had invested around $1.5 billion in installments in One97 Communications, the parent company of Paytm brand.