Saroj Poddar-controlled Adventz Group on Tuesday said it was approached for buying a minority stake in Paytm, but has decided against it.
“We were approached by a few merchant bankers for a minority stake in Paytm. But we have decided not to go ahead with it,” a top official of the group was quoted by PTI as saying. According to sources, Saroj Poddar’s son Akshay Poddar was negotiating the deal.
According to a PTI report: Valuation is the key reason for not buying into the leading wallet company, the sources indicated.
According to media reports, industrialists Sunil Munjal and Saroj Poddar were in talks for a secondary deal to buy a minority stake from IDFC Securities analyst Nikhil Vora who holds some 0.35 per cent in One97 Communications, the parent of Paytm.
Paytm last received funding from Taiwan’s MediaTek in August.