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Adventz Group decides not to invest in Paytm

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Saroj Poddar-controlled Adventz Group on Tuesday said it was approached for buying a minority stake in Paytm, but has decided against it.

Adventz Group decides not to invest in Paytm
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.