Vijay Shekhar Sharma seeks buyers for a stake in One 97 Communications

One97 communications Ltd, owner of Paytm brand, has refuted claims of engaging in talks with Adani group (File Image)

Indian billionaire Vijay Shekhar Sharma is reportedly looking to sell a stake in One 97 Communications, the parent company of digital payments giant Paytm. According to sources close to the matter, Sharma is seeking buyers for a portion of his stake in the company in order to raise funds for its insurance business.

One 97 Communications was founded by Sharma in 2000 and has since grown into one of India’s leading fintech companies. The company’s flagship product, Paytm, has revolutionized the way Indians make digital payments and has become a household name in the country.

Sharma’s decision to sell a stake in One 97 Communications comes as the company looks to expand its presence in the insurance sector. With the growing demand for insurance products in India, Sharma sees an opportunity to capitalize on this trend and further diversify the company’s revenue streams.

The move also comes at a time when competition in the fintech sector in India is heating up, with players like PhonePe and Google Pay making significant inroads into the market. By selling a stake in the company, Sharma hopes to raise the necessary funds to stay ahead of the competition and continue to innovate in the insurance space.

In recent years, Sharma has been vocal about his ambition to build a financial services empire that caters to the diverse needs of Indian consumers. With the insurance sector being a key component of this vision, selling a stake in One 97 Communications could be a strategic move to propel the company towards this goal.

As news of Sharma’s decision to sell a stake in One 97 Communications spreads, industry analysts are closely watching to see how this move will impact the company’s future growth trajectory. With the fintech landscape in India evolving rapidly, only time will tell if Sharma’s bet on the insurance sector will pay off.

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Tags: Vijay Shekhar Sharma, One 97 Communications, Paytm, fintech, insurance

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