This was revealed in a regulatory filing on Wednesday by SoftBank, which owns around 20% stake in One97 Communications, the parent entity of Paytm.
PayPay is a QR code-based payments business and is a joint venture between SoftBank and Yahoo Japan, with Paytm as a technology partner. PayPay has nearly 40 million users and has seen 2 billion annual transactions.
Overall, SoftBank Group, which includes subsidiary Yahoo Japan, has more than 90% stake in PayPay.
Spokespersons for Paytm and SoftBank did not offer additional comment.
On Wednesday, SoftBank Group
reported fourth quarter profit of nearly $37 billion, largely on the back of its Vision Fund recording gains on its investment in e-commerce firm Coupang, which had a US listing in March.
Masayoshi Son, the CEO of SoftBank, said he was increasing his commitment in Vision Fund 2.0 to $30 billion from $10 billion.
In India, SoftBank has been busy backing a new set of startups like
social commerce platform Meesho, besides doubling down on existing companies.
It is investing at least $1 billion in Indian companies in the first quarter of the current financial year.
SoftBank’s India portfolio firms like Delhivery and Policybazaar are also aiming to go public this year amid a rush for listings by a bunch of other local startups.
