One 97 Communications , the parent company of Paytm, has completed the acquisition of majority stakes in two of its subsidiaries, marking a significant step in simplifying its group structure. The company, in a regulatory filing, announced that it has acquired the remaining 51% stake in both Paytm Intelligence Limited and Paytm Life Insurance Limited.

Key Highlights of the Acquisition

• Paytm Intelligence Limited: One 97 Communications acquired a 51% stake from VSS Holdings Private Limited, which is wholly owned by Vijay Shekhar Sharma.
• Paytm Life Insurance Limited: The company purchased a 51% stake directly from Vijay Shekhar Sharma.

Implications of the Acquisition

This strategic move has transformed both entities into wholly-owned subsidiaries of One 97 Communications. The acquisition aligns with the company's previously announced plans to streamline its group structure, potentially leading to more efficient operations and clearer corporate governance.

Transaction Details

This restructuring may signal One 97 Communications' intent to consolidate its operations and potentially streamline decision-making processes across its various business verticals. As the fintech landscape continues to evolve, such strategic moves could position the company to respond more effectively to market changes and regulatory requirements.

Investors and market watchers will likely keep a close eye on how this consolidation impacts the company's operational efficiency and financial performance in the coming quarters.

One 97 Communications 's Paytm, a leading Indian digital payments platform, has unveiled a groundbreaking service that allows Non-Resident Indians (NRIs) from 12 countries to make UPI payments in India using their international mobile numbers. This innovative feature eliminates the need for a local Indian SIM card, making transactions more convenient for NRIs visiting or conducting business in India.

Key Features of the New Service

• Compatibility: Works with NRE (Non-Resident External) or NRO (Non-Resident Ordinary) bank accounts
• Functionality: Enables sending money, paying merchants via QR codes, and shopping on Indian platforms
• Currency Conversion: No need for currency conversions, streamlining the payment process

Countries Covered

The service is available to Indians residing in:

Additional Features

Paytm has incorporated several user-friendly features to enhance the experience:

1. Downloadable UPI statements
2. Automatic expense categorization
3. AI-generated spending summary (Paytm Playbook)

Current Status and Future Plans

The service is currently in beta testing, with plans to roll out to all eligible users in the near future. This move by Paytm is expected to significantly ease financial transactions for NRIs, potentially boosting cross-border economic activities.

Market Response

The announcement has been well-received by the market. Shares of One 97 Communications Limited, Paytm's parent company, closed at ₹1,305.60, marking an increase of ₹18.60 or 1.45%.

This new service, powered by the National Payments Corporation of India, represents a significant step in expanding the reach and accessibility of India's digital payment ecosystem to its global diaspora.