Reliance Capital is reportedly planning to sell its 1 percent stake in Paytm, an online payments and commerce platform. As per the sources, Reliance is planning to raise around $50-60 million by selling its stake.
Earlier, Reliance Capital had said that it will be trimming down its investment portfolio as a part of its plan to monetize non-core assets. Thus, it will be selling its stake of One97 Communications, the parent company of Paytm.
As per the sources, the company has already found a buyer for the stake in Paytm. While not officially revealed, the buyer is most likely to be Chinese e-commerce giant Alibaba.
Apart from this deal, Reliance Capital is also in talks to demerge its commercial finance and home finance businesses. It also plans to raise around Rs. 450-550 crore by the end of current fiscal. Further, the company is also looking to list its commercial and home finance business. The home finance business is slated to go public in April.
Reliance Capital has a net worth of Rs. 15,390 crore (US$ 2.3 Billion) and total assets of Rs.67,112 crore (US$ 10.2 Billion) as on March 31, 2016.
Earlier, Paytm founder and CEO Vijay Shekhar Sharma had sold his 1 per cent holding in One97 Communications to raise about Rs 325 crore. The money was intended to be invested into the company’s payments bank service — Paytm Payments Bank Pvt. Ltd.
Till now, One97 Communications, the parent company of Paytm, has raised around $585 million in four funding rounds from Silicon Valley Bank, Sapphire Ventures, SAIF Partners, Intel Capital and Ant Financial.
