Are ‘Airtel Payments Bank’ And ‘Paytm Payments Bank’ To Merge?
Sunil Mittal is seeking a stake in Paytm. Reports say, he is planning to merge Airtel Payments Bank into Paytm Payments Bank. The talks are at an early stage.
Sunil Mittal, a billionaire telecom tycoon, seeks to acquire a portion of Paytm. Sunil Mittal reportedly wanted to merge Airtel Payments Bank with Paytm Payments Bank through a stock deal.
The telecom mogul and founder of Bharti Airtel is reportedly interested in buying Paytm shares that are currently held by other owners, according to sources cited by Bloomberg.
According to a Paytm official cited by Bloomberg, “We remain completely committed to our strong organic growth plan and are not engaged in any such discussions.”
According to sources, Bharati Airtel and Paytm are just beginning to chat. One 97 Communications Ltd. (Paytm) shares have increased in value by about 40% since their record lows in November of last year. The stock reached a closing on Friday of Rs 623.50 per share.
EBITDA before ESOP increased by Rs 424 crore YoY to Rs 31 crore in Paytm’s Q3 FY 2023 earnings. Operations-related revenue for the company climbed to Rs 2,062 crore, up 42% YoY and 8% QoQ.
The company attributed the expansion to more customers, subscription services offered by merchant partners, a rise in loan management and commerce operations, and other factors.
Financial services income currently makes almost 22% of overall revenue for Paytm. Compared to the equivalent quarter in FY 2022, this is up 9%.
Paytm Payments Bank (PPBL) has become the first to launch UPI LITE feature which is a faster payment mode, enabled by National Payments Corporation of India for multiple small-value UPI transactions.
The new feature enables faster real-time transactions with just a single tap on the Paytm app.
The company PPBL claims that the Paytm UPI Lite will never fail during peak transaction hours, even when banks have success rate issues.