Vijay Shekhar Sharma's company buys Rs 87000000 stake in THIS company to explore...

Vijay Shekhar Sharma's fintech firm Paytm subsidiary, Paytm Cloud Technologies, has acquired a 25 per cent stake in a Brazilian technology firm Seven Technology LLC to explore business opportunities in the Latin American country. The Paytm board approved the incorporation of Paytm Cloud Technologies Limited (PCTL) last month to explore business opportunities in the overseas market.

"Paytm Cloud Technologies Limited, our wholly-owned subsidiary (PCTL), that the Board of Directors of PCTL at its meeting held on February 03, 2025...Has approved an investment of USD 1 million (equivalent to Rs 8.70 crore) in Seven Technology LLC incorporated in Delaware for the acquisition of 25 per cent stake," the company said in a regulatory filing.

Seven Technology is the parent company of Dinie Correspondente Bancário e Meios de Pagamento Ltda (Dinie), an API-first embedded finance startup. Dinie enables digital and e-commerce platforms to provide digital financial services solutions to micro, small and medium-sized enterprises (MSMEs) in Brazil. "This investment would help in understanding the merchants' business landscape and opportunity in the Brazilian market," the filing said.

The acquisition is expected to be completed within 45 days. Currently, Paytm has a market cap of Rs 49399 crore, as of February 3. The share price of the company was Rs 771 on Monday.

(With inputs from PTI)

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