First published: January 3, 2017, 9:18 AM IST | Updated: 7 mins ago
An advertisement board displaying a QR code for Paytm, a digital wallet company, is seen placed amidst vegetables at a roadside vendor’s stall in Mumbai. (Image: Reuters)
Industrialists Sunil Munjal and Saroj Poddar have joined hands to buy early investor Nikhil Vora’s partial stake in digital payments startup Paytm, The Economic Times reported Tuesday citing sources.
If the deal is successful performed, it will reportedly value the Vijay Shekhar Sharma-led firm at about USD 5-5.6 billion, an increase from USD 4.8 billion valuations in August 2016.
Munjal, who is the chairman of Hero Group’s insurance redistribution and IT services arm and Poddar, currently the chairperson of Adventz Group are negotiating with the former IDFC Securities analyst to buy into 0.35 percent stake (1.6 lakh shares) he holds in Paytm, the report states.
Munjal and Poddar will buy Rs 50 crore worth secondary stock at Rs 8,000 per share, the report stated quoting a person privy to the developments.
Poddar declined to comment on the deal.