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Founder of Indian fintech firm Paytm Vijay Shekhar Sharma is open to buying more stakes from Ant Group subsidiary
- Paytm founder and CEO Vijay Shekhar Sharma says he ‘will jump at any opportunity to buy more equity’ in the company from Antfin
- Antfin, a subsidiary of Chinese fintech giant Ant Group, sold some of its stakes in Paytm after Alibaba sold its entire stake in February
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Paytm founder Vijay Shekhar Sharma said on Monday he is open to increasing his stake in the Indian fintech firm if there are sellers, weeks after he became the largest shareholder in the company by buying stake from Chinese firm Antfin.
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Sharma, also CEO of Paytm, holds a 19.42 per cent in Paytm after purchasing shares from Antfin amid broader concerns about Chinese ownership in Indian financial technology companies.
“Paytm is truly an Indian company. It is a milestone that I’m able to acquire more stake in my company,” Sharma told Reuters.
“Antfin has not indicated that they want to sell (a further) stake at the moment, but if they do, I will jump at any opportunity to buy more equity in Paytm,” he said.
Antfin’s selldown had followed a complete exit by Alibaba Group Holding in February. Japan’s Softbank Group has also been cutting its stake in Paytm through open market deals.
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Paytm is focusing on its payments and credit business and is targeting free cash flow of sizeable value soon, Sharma said.
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