One97 Communications’ wholly-owned subsidiary -- Paytm Cloud
Technologies (PCTL) has received Board’s approval for an investment of $1
million (equivalent to Rs 8.70 crore) in Seven Technology LLC incorporated in
Delaware for acquisition of 25% stake and execution of transaction documents in
this regard. The Board of Directors of PCTL at its meeting held on February 03,
approved the same.
Seven Technology LLC is the parent company of Dinie
Correspondente Bancario e Meios de Pagamento (Dinie), Brazil based API-first
embedded finance start-up. Dinie enables digital/ e-commerce platforms to
provide digital financial services solutions to micro, small and medium-sized
enterprises (MSMEs) in Brazil.
Post consummation of the transaction, Seven Technology LLC
and Dinie will become associate entities of the company. This investment would
help in understanding the merchants’ business landscape and opportunity in the
Brazilian market.
One 97 Communications (Paytm) is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, the company builds technologies that help small businesses with payments and commerce.
Source: Ace Equity
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